Former Paxful CEO Ray Youssef has told users of the peer-to-peer bitcoin marketplace that he is no longer in control and cannot vouch for what happens on the platform. Youssef also said that he has been banned from the platform and stated that users should trust no one.
Paxful Struggles to Recover from Shutdown
As reported by Bitcoin.com News, Paxful was forced to shut down earlier this year due to regulatory challenges and the departure of key staff members. Some reports suggested that Youssef’s falling out with co-founder Artur Schaback had also contributed to the shutdown.
However, a tweet shared by Paxful’s official handle on May 10 suggested that steps were taken to solve functionality issues. The tweet also indicated that some users’ accounts were mistakenly banned and the team is working to rectify the situation.
Former CEO Bansed from Platform
In response to a user who claimed they had been scammed on the platform, Youssef confirmed once again that he no longer had control and was also banned. He reiterated the same message to other users who asked about their blocked funds. When asked about the reasons behind his departure from Paxful, Youssef teased that it was a wild story and suggested using Twitter Spaces to discuss it.
Despite Youssef’s warning, many users continue to use Paxful to trade bitcoins although the platform has struggled to recover from the earlier shutdown and regulatory challenges.