Paxful CEO Resigns

Paxful CEO Ray Youssef has resigned, Tweeting that “the full story shall soon be revealed.” Paxful is a Bitcoin-focused global peer-to-peer platform that aims to change the way money moves, allowing transfers to anyone anywhere.

 

Youssef added:

“[Paxful] was done under the very worst of conditions with a cofounder suing me and the company, refusing to pay salaries, chasing away all top talent with a terror lawsuit and trying to get me in contempt of court. 4 ppl did the job of 100 to make this happen. [thanks] to the @paxful
team.”

Paxful thanked Youssef for his last eight years growing the company to 12 million users.

Earlier this month, Paxful struggled to process transactions, suspending the marketplace to address the issues. Prior to announcing his resignation, Youssef stated:

“It is done! 88% of all frozen accounts have been UNfrozen. 10 days, 3 scripts and sleepless nights with no engineers or compliance folks but we did it! This is my final act as CEO of @paxful Go login now and claim your funds! Self custody for the win post here if u got it!”

He claimed that he gave up the title of CEO to unfreeze the accounts, adding:

“NEVER work with any financial company in the US or even any that serve Americans at all. They will confiscate your funds and not even give you a reason because they cannot by law. The system itself is designed to hurt you.”

It appears that Yousseff will be pursuing a new peer-to-peer network following his exit.

 

Most likely, this new venture will not be based in the US. Developing.

 

 



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