Paxful Loses Trust in Crypto’s Future in the US; Says CEO

  • Previously, he announced that the company is suspending the marketplace.
  • Youssef added that the crypto regulations and banking crises have highly impacted the crypto economy.

Ray Youssef, the CEO of Paxful, the people-powered digital currency platform, announced that his company has decided to suspend its marketplace as the company has lost trust in cryptocurrencies.

In a recent interview, the Paxful CEO mentioned that currently, he doesn’t find any future for cryptocurrencies in the United States, quoting

We’ve been bending over backwards for the last four years to ensure that we are complying … now, I don’t see any real future for bitcoin or crypto in the United States.

Significantly, Youssef added that though the platform had a substantial exploration of cryptocurrencies in the past, the present bludgeonings of the macroeconomic factors and the banking crises have impacted the future of cryptocurrencies in a seriously negative way.

Recently, in a message that Youssef posted on the official page of Paxful, he stated that “Paxful will be suspending its marketplace”, adding that the company is “not sure if it will come back”.

In addition, the CEO predicted that the regulatory challenges would continue, adding:

Regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.

However, Youssef affirmed that the company would resume its operations helping its customers to retrieve their funds. The company advises the customers to transition to self-custody or to use other service providers.

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