P2P Bitcoin Exchange Paxful Back Online After Temporary Suspension
The platform shut down in April after the CEO expressed concerns about the safety of customer funds owing to a lawsuit from its co-founder.
Peer-to-peer (P2P) bitcoin exchange Paxful has resumed operations after being shut down for over a month, the company said in a blog post.
“After a month away, we’re happy to announce that the Paxful marketplace is back online,” the company wrote. “In early April, we faced a difficult decision to temporarily suspend the marketplace to protect all of our customers and Paxful’s future.”
Paxful shut down in April after CEO Ray Youssef expressed concerns about the safety of customer funds as a result of a lawsuit by co-founder Artur Schaback, who sued Youssef and the company for wrongful termination, among other reasons.
Shortly after the closure, CoinDesk spoke with both co-founders and multiple ex-employees and reported that their relationship had been difficult for a while and that the business suffered from severe lapses in management professionalism.
According to Schabeck, who is looking for a settlement and wants out of the firm, Paxful is currently owned by a custodian, who serves as a director in addition to both Schabeck and Youssef.
“Right now we need the custodian because he’s a tiebreaker; otherwise we’re in a deadlock,” Schabeck told CoinDesk.
During the suspension, the company said the Paxful Wallet remained fully operational for users, who were also offered a selection of peer-to-peer platforms to continue trading on.
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