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Paxful Shuts Down And It Affects The Cryptocurrency Market

paxful shuts down and it affects the cryptocurrency market

No suspicious information regarding the Paxful exchange, which appeared to be responding to the bear market, has yet been surfaced. The announcement of the suspension of its operations is thus completely unexpected. Here are a few possible explanations for the scenario.

Paxful, a Bitcoin (BTC) trading platform, officially ceased operations on Tuesday, April 4. A cold shower for customers of the exchange. It was indicated that it is unclear when it would be operational again.

The revelation is even more shocking given that no information allowing for such an outcome had lately flowed into the organization. Nonetheless, there are grounds to anticipate future challenges. Power disputes inside the Paxful corporation have been noted by numerous sources.

paxful shuts down and it affects the cryptocurrency market 2

Ray Youssef made Statements Regarding the Closure of Paxful

There are additional reasons given by the leaders as the explanation for the sudden stop of activities. The firm is closing its doors, according to Ray Youssef, CEO of Paxful, due to the departure of numerous key workers.

The leader also explains how the regulatory landscape is becoming increasingly adverse to the expansion of crypto startups like Paxful. “During the last five years, American authorities have done an excellent job of catching up, but they remain recalcitrant. Every day, they get more skeptical,” Ray Youssef remarked.

As a result, the company’s operations would be halted for these two reasons. Undoubtedly, the CEO of Paxful reassured customers of the availability of their assets. He even urged that they be withdrawn. Nonetheless, this does not diminish the impact of this decision on people all around the world. An influence perceived differently in other places.

Paxful was a Gold Standard in Nigeria

There is no arguing that this decision has the greatest impact on Paxful users worldwide. But, according to recent reports, the ramifications are being felt most acutely in Nigeria.

According to a Chainalysis analysis published in 2020, Paxful has been a major factor in the exposure of cryptos in Nigeria. As a result, the country is ranked eighth among countries with the highest adoption of cryptocurrency.

Paxful was, therefore, the gold standard in Nigeria’s government-backed cryptocurrency market. Numerous members of the Paxful community in the nation are disappointed that the service is no longer available. This is the case of Emmanuel Susegh, who perceived the platform’s closing as “the funeral of a loved one.”

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