Tensions between Paxful co-founders Ray Youssef and Artur Schaback spilled into public yesterday, as the peer-to-peer Bitcoin exchange abruptly announced it had suspended operations. While Schaback hopes to resume operations, Youssef has apparently recommended a new provider to Paxful users.

In a Tuesday message posted to Paxful’s website, Youssef—the company’s CEO—urged Paxful’s users to withdraw funds from its platform and explore alternative venues, citing the departure of key employees and ongoing regulatory headwinds in the U.S. He wrote that it was unclear whether Paxful will resume operations, suggesting that its future was in jeopardy.

During a subsequent Twitter Spaces, Youssef said that a lawsuit filed against Paxful and himself by Schaback was an untenable factor weighing on the firm, claiming that it prompted important team members to quit.

“I couldn’t do it anymore, ethically, so I took some massive legal liability, and I said […] I’m shutting this down,” Youssef said. “He had a court order preventing me from doing anything, but I said, fuck that.”

Schaback told Decrypt that Paxful’s decision to suspend operations came as a shock. And while he conceded that the platform’s suspension of operations could end things entirely, Schaback said he plans to get the marketplace up and running again.

“I was not expecting that it’s going to be permanent,” he said. “My plan is to reopen Paxful again with a new business direction.”

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Author: André Beganski

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