Paxful, the peer-to-peer cryptocurrency marketplace, has recently resumed its operations again, however, the co-founder and former CEO Ray Youssef is no longer part of the platform. The unexpected shut down of Paxful in April occurred due to the increasing regulatory obstacles in the US and following a lawsuit filed by other co-founder, Artur Schaback, for misstatements and transfer of Bitcoin.

Prior to the closure, in an act of goodwill, Ray unfroze 88% of all frozen customers, stating that he was uncertain of the platform’s future. Upon their return, Paxful claims that their safety and security elements have improved. Youssef has since started a decentralized peer-to-peer trading platform, Civilization Kit, and the non-profit organization Built With Bitcoin Foundation.

The event caused an outcry by users who expressed their concern about the loss of funds. In response to this, Youssef urged customers to consider self-custody instead of trusting others. Moreover, he tweeted a statement about his recent projects: “The futures [sic] is p2p #Bitcoin powered marketplaces! The startups who commit to building unstoppable free markets will be the ones I look to lead. Who’s in?”

Ray Youssef was recently praised for his “final act as CEO” in Paxful, the aforementione action of him releasing Bitcoin from the frozen wallets, showing his commitment to provide the best service for his customers and community. This approach was also echoed in his project Civilization Kit and the Built With Bitcoin Foundation, which seeks to provide economic freedom for users.

From this event, we can see Ray’s commitment to providing the best user experience possible. Although Youssef is no longer part of Paxful, his ideas and projects still intend to revolutionize the way we transact our cryptocurrencies. With more self-custody solutions, we can have freedom and autonomy regarding our funds, and still have the peace of mind to know that our funds are safe.



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