Bitcoin (EXANTE: Bitcoin) peer-to-peer exchange service Paxful is shutting down its services after eight years of operation.
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Paxful Founder and CEO, Ray Youssef, said in a statement on Tuesday he "cannot share the full story now," but noted the company had "key staff departures." He added:
"Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the US."
As of press time, the Paxful status page shows that the platform's trading system in experiencing a major outage, without revealing details. Wallet services for bitcoin, ether (ETH) and USDT also experience the same issues.
Youssef called on clients to withdraw crypto to self-custody wallets, adding that "all customer funds are all accounted for."
In February, another peer-to-peer exchange service called LocalBitcoins also suspended its services, citing "challenges, which appeared during the ongoing "very cold crypto-winter."
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