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Paxful, Once World's Largest P2P Bitcoin Marketplace, to Close in November

Paxful's closure marks a significant shift in the P2P crypto landscape. Users can expect a safe and transparent return of their funds.

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1 min read
In this picture we can see a market, in which we can see some stoles and we can see few people are...
In this picture we can see a market, in which we can see some stoles and we can see few people are around.

Paxful, Once World's Largest P2P Bitcoin Marketplace, to Close in November

Paxful, once the world's leading peer-to-peer Bitcoin marketplace, has announced its closure. The company, founded in 2015, will cease operations by November 1, 2025. Paxful's former CTO, Artur Schaback, recently pleaded guilty to federal crimes in the U.S. for failing to establish an effective anti-money laundering program.

Paxful's decline reflects broader challenges facing P2P and non-custodial exchanges under increasing global regulatory pressure. The company's closure follows a long-term assessment of sustainability after significant investments in compliance and restructuring. Paxful's current CEO, Ray Youssef, who is also the CEO of Noones, an emerging markets P2P marketplace, assured users that Paxful remains financially sound and committed to a safe and transparent return of all user funds.

Paxful's closure is a strategic decision, not due to insolvency or issues with current leadership. The company once connected over 14 million users across 140+ countries, supporting Bitcoin, USDT, and other digital currencies. Paxful played a pivotal role in Africa's crypto adoption story, becoming one of the top P2P marketplaces on the continent. However, the lasting impact of historic misconduct by former co-founders Ray Youssef and Artur Schaback, along with unsustainable costs of ongoing compliance and remediation efforts, contributed to Paxful's decline.

Paxful, once the world's largest peer-to-peer Bitcoin marketplace, will cease all operations by November 1, 2025. Despite facing challenges, the company remains committed to a safe and transparent return of all user funds. Paxful's closure is a strategic decision, not due to insolvency or issues with current leadership, following a long-term assessment of sustainability after significant investments in compliance and restructuring.

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