Paxful – DIGIT INFO

Paxful Co-Founder Pleads Guilty to AML Conspiracy — Faces up to 5 Years in US Prison

DIGIT — Tue, 09 Jul 2024 12:16:29 +0000

A Paxful co-founder has pleaded guilty to conspiracy charges for failing to maintain an effective anti-money laundering (AML) program on the peer-to-peer cryptocurrency platform. This led to various criminal activities being conducted on the platform, according to the U.S. Department of Justice (DOJ). He faces up to five years in prison and will step down […]

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Paxful co-founder Schaback faces 5 years jail, admits AML failure

DIGIT — Tue, 09 Jul 2024 06:12:58 +0000

Artur Schaback, one of the co-founders of crypto exchange Paxful, has agreed to a plea deal with U.S. prosecutors that could see him locked up for five years.

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Paxful Slashes Gift Card Fees by 80%, Volumes and Interest Surge

DIGIT — Thu, 30 May 2024 10:32:00 +0000

Paxful, the peer-to-peer cryptocurrency platform, has announced a significant reduction in transaction fees for gift cards. The company has slashed its fees by 80%, from the industry standard of 5% to just 1%. This has already resulted in a surge in gift card volumes and trader interest according to the company. The fee reduction applies […]

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Former Paxful CEO Says He Cannot ‘Vouch for Anything Happening There Now’ — Platform Tells Users It Is Back Online

DIGIT — Sat, 13 May 2023 10:30:14 +0000

The former CEO of Paxful, Ray Youssef, has told users of the peer-to-peer bitcoin marketplace that he is no longer in control and therefore cannot vouch for “anything that is happening there now.” Youssef also told a user who claimed to have been scammed on the platform that he too has been banned from the […]

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Paxful CEO announces 88% of accounts unfrozen, $4.4M in funds remaining

DIGIT — Mon, 17 Apr 2023 16:06:05 +0000

“I gave up my title as CEO to unfreeze these accounts and am also in danger of being in contempt of court,” said Ray Youssef.

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Peer-to-peer crypto exchanges struggle to navigate shifting legal landscape

DIGIT — Mon, 17 Apr 2023 13:15:15 +0000

Two major P2P platforms announced their closure in the first quarter of 2023. Many blame it on growing regulatory scrutiny, but experts call for better alternatives.

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Paxful co-founders’ litigation cites misappropriation of funds, money laundering, U.S. sanctions evasion

DIGIT — Thu, 06 Apr 2023 21:15:00 +0000

A bitter dispute between Paxful’s co-founders in Delaware courts may have led to the crypto marketplace’s sudden closure.

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Paxful shutdown hits Nigeria harder than the rest of the world, here’s why

DIGIT — Wed, 05 Apr 2023 11:30:00 +0000

Paxful’s shutdown has left its global community heartbroken, but it has significantly impacted the Nigerian community, where it pioneered P2P crypto use.

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P2P Bitcoin Exchange Paxful Suspends Marketplace With Uncertainty of Return

DIGIT — Tue, 04 Apr 2023 21:30:28 +0000

According to a message from Paxful Founder and CEO, Ray Youssef, the peer-to-peer bitcoin trading platform is suspending its marketplace, and the company is uncertain if it will return. Youssef cited challenges such as regulations and some key staff departures, but he also noted that he could not share the full story at this time. […]

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Paxful closing, CEO blames staff departures, regulatory challenges

DIGIT — Tue, 04 Apr 2023 18:20:00 +0000

Paxful CEO Ray Youssef said U.S. regulators “don’t get it,” but infighting in the C-suite may have played a role in the company’s closure as well.

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