Paxful Announces Closure by November 1, 2025
In a surprising announcement, cryptocurrency exchange Paxful revealed its decision to halt all activities by November 1, 2025. This move comes as the company grapples with the repercussions of actions taken by its previous co-founders, Ray Youssef and Artur Schaback, which have marred the company’s reputation.
Reasons for Closure
Paxful pointed to the hefty expenses associated with compliance fixes as a key factor in their resolution to close operations. Despite a transformative two-year journey that included renewing leadership, restructuring finances, and implementing rigorous compliance measures, values of accountability have led the new ownership to make this difficult choice.
Leadership’s Perspective
The organization’s leadership emphasized that the closure is primarily a well-calculated strategy, not a reflection of the company’s financial health, which has remained stable and showed signs of growth following recent reforms. They condemned the previous misconduct of Youssef and Schaback, recognizing it as fundamentally opposed to the ethos and future direction of Paxful.
User Support and Transition
As the company prepares for its transition, Paxful has vowed to ensure a secure return of funds for its 14 million users spread across over 140 countries. Customers are encouraged to withdraw their remaining balances promptly to avert any possible inconvenience during the closure process.
Paxful expressed heartfelt appreciation to its user community for their support during these trying times, framing its closure decision within a strategic context rather than as a consequence of bankruptcy or poor management under its current leadership.
