Paxful, the peer-to-peer cryptocurrency platform, has announced a significant reduction in transaction fees for gift cards. The company has slashed its fees by 80%, from the industry standard of 5% to just 1%. This has already resulted in a surge in gift card volumes and trader interest according to the company. The fee reduction applies […]
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Former Paxful Top Executive Ray Youssef Joins Rival P2P Platform Noones as CEO
Ray Youssef, the former CEO and founder of the peer-to-peer (P2P) bitcoin trading platform Paxful, has been appointed the chief executive officer of the P2P financial communication app Noones. Youssef also reiterated his belief that bitcoin will play a role in promoting Africa’s prosperity.
Noones Targeting the Global South
Ray Youssef, one of the founders of Paxful, has been appointed as the chief executive officer at the peer-to-peer bitcoin marketplace Noones. Youssef, who left Paxful in April, is expected to spearhead the young firm’s ambitious goal of garnering a billion bitcoin users in the next seven years.
Eight years ago, Ray embarked on a bold mission: to usher in an era of Financial Freedom for the global south. Despite facing obstacles along the way, today, he stands undeterred, ready to propel forward with the mission he initiated. No one could thwart his determination. It is… pic.twitter.com/1NNAXjJh7I
— Noones App (@noonesapp) December 4, 2023
Youssef’s return as CEO of a rival P2P platform has come at a time when he is still locked in a legal dispute with his fellow founder at Paxful. Unconfirmed reports suggest that several former Paxful employees already work at Noones.
According to one report, Noones currently counts Nigeria, Ghana, Cameroon, India, and the Philippines as its biggest markets. It has also accrued over 400,000 users from 190 countries in four months.
Meanwhile, since leaving Paxful, Youssef has repeatedly touted Noones’ credentials as a better P2P platform. He has also championed the cause of the so-called “global south.” Commenting on his return as Noones’ CEO, Youssef said this position allows him to complete a goal he set almost a decade ago. He also reiterated his belief that bitcoin will play a role in promoting Africa’s prosperity.
“Our first major goal will be to create an interoperable Pan-African clearing layer taking intra-African trade from the single digits to levels comparable to intra-European trade. Africa alone has the potential to make Noones a trillion-dollar company, but when you factor in the rest of the global south, the sky’s the limit,” Youssef said.
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Former Paxful CEO Ray Youssef Urges Platform Users to ‘Cease Trading’
On July 7, Ray Youssef, the former CEO of Paxful, told users of the peer-to-peer crypto marketplace to stop trading on the platform. Youssef claimed that Paxful is now “just paying legal bills” and that “no African or any non-American should trust any IS corporation.”
Paxful’s Alleged Removal of Reserve Funds From Status Page Raises Concern
Following reports that Paxful, the peer-to-peer crypto marketplace, has removed the reserve funds amount from the status page, former CEO Ray Youssef advised users to cease trading. In his reply to a Twitter user who warned of an FTX-style collapse, Youssef suggested that users should consider switching to self-custody until “we get to the bottom of this.”
In addition to exposing the alleged removal of reserve funds from Paxful’s website, the unidentified social media user also claimed to have seen tweets from former employees who complained of not being paid all their dues after they left. The user also claimed to have heard rumors that Paxful was dipping into customer funds.
In another tweet, Youssef, in an apparent response to Paxful’s pledge to unfreeze .5 million in customer funds, reiterated his lack of confidence in the process, declaring:
I do not trust lawyers. Paxful is now just paying legal bills. No African or any non-American should trust any IS corporation. Don’t say you were [not] warned folks. My reputation I value over any shares in any company.
In early April, trading on the P2P marketplace was suspended due to regulations and what Youssef attributed to the departure of key personnel. However, after Paxful announced the resumption of services, Youssef, who had already left the organization, said he could not vouch for anything that is happening there now.
Since leaving Paxful, Youssef, who has more than 50,000 followers on Twitter, has not only urged users to abandon the platform but has routinely promoted Civkit which he founded. Although many of the followers have lauded Youssef’s efforts, some have accused him of being an “attention seeker.” He has also been accused of seeking to use his influence to harm rivals.
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Former Paxful CEO Says He Cannot ‘Vouch for Anything Happening There Now’ — Platform Tells Users It Is Back Online
The former CEO of Paxful, Ray Youssef, has told users of the peer-to-peer bitcoin marketplace that he is no longer in control and therefore cannot vouch for “anything that is happening there now.” Youssef also told a user who claimed to have been scammed on the platform that he too has been banned from the platform.
Former CEO Tells Users to ‘Trust No One’
The former CEO of Paxful, Ray Youssef, has again reminded users of the peer-to-peer platform on May 9 that he left the company weeks ago and as such he cannot “vouch in any way for anything that is happening there now.” While he urged users to “trust no ones,” Youssef however said he will soon provide an update about a trust “set up to make any frozen funds whole.”
I am no longer the CEO of Paxful and have no control over anything happening there. They banned me too. Good luck and trust no ones. #selfcustody https://t.co/c8Hh9mFXdk pic.twitter.com/IPOVnsp14x
— Ray Youssef (@raypaxful) May 11, 2023
The remarks by Youssef, who has repeatedly tweeted about his falling out with his co-founder at Paxful, follow reports suggesting that the P2P (peer-to-peer) marketplace was back up just a few weeks after it was shut down.
Paxful Says It Is Taking Steps to Solve Functionality Issues
As reported by Bitcoin.com News in early April, Paxful was forced to shut down by factors including the departure of key staff and regulatory challenges. Some reports also suggested that Youssef’s falling out with fellow Paxful co-founder Artur Schaback had also contributed to the marketplace’s abrupt shutdown.
It's been a good week. Let's keep building.
pic.twitter.com/Xie4XTQpYv
— Paxful (@paxful) May 11, 2023
However, a tweet shared by Paxful’s official handle on May 10 thanked users for their patience when the marketplace was down. The tweet also suggested that steps were taken to solve functionality issues.
“Thank you to the community for your patience, as we continue to gradually restore functionality to the marketplace. We are aware that some users’ accounts are mistakenly banned and our team is working to fix the issue,” Paxful said in a tweet.
Meanwhile, in another tweet, Youssef told a user who claimed to have been scammed on the platform that he no longer had any control and he too was banned. The former CEO also reiterated the same messages to other users that similarly asked about their blocked funds. When asked about what finally caused him to leave Paxful, Youssef said: “It is a wild story bro. We need a [Twitter] spaces.”
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P2P Bitcoin Exchange Paxful Suspends Marketplace With Uncertainty of Return
According to a message from Paxful Founder and CEO, Ray Youssef, the peer-to-peer bitcoin trading platform is suspending its marketplace, and the company is uncertain if it will return. Youssef cited challenges such as regulations and some key staff departures, but he also noted that he could not share the full story at this time.
Challenges Cited by Paxful CEO Ray Youssef Explain Why the P2P Bitcoin Exchange Is Suspending Its Marketplace
On April 4, 2023, Paxful released a blog post stating that the peer-to-peer Bitcoin (P2P) exchange is suspending its operations. “Today, Paxful will be suspending its marketplace,” said the trading platform’s CEO, Ray Youssef. “We are not sure if it will come back,” he added. Youssef continued by saying that the suspension may come as a shock to many and that he cannot share all the details at this time.
“I can say that we unfortunately have had some key staff departures,” Youssef wrote. “Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S.”
Paxful was co-founded by Ray Youssef and Artur Schaback in July 2015, and in 2018, it became the largest P2P exchange by volume. Over the past few years, Paxful has expanded considerably into Venezuela and Africa. In June 2021, the company announced that it would donate 1% of its profits to charity. A week before the announcement that it would suspend services, Youssef informed the public that Paxful had reimbursed its Paxful Earn customers after issues related to the Celsius bankruptcy.
In a tweet on Tuesday, Youssef noted that many people were attempting to withdraw funds and transfers were taking longer than usual. “The Paxful database is a bit overloaded now as everyone is withdrawing funds, which is making transfers slow. I promise that funds are safe and will clear soon,” Youssef tweeted. Paxful is the second P2P Bitcoin exchange to close after Localbitcoins announced it was shutting down in February. The Helsinki, Finland-based Bitcoin exchange, founded in 2012, attributed the shutdown to the “ongoing crypto-winter.”
What do you think the suspension of Paxful’s marketplace means for the future of peer-to-peer Bitcoin exchanges, and how might it impact the wider cryptocurrency market and its users? Share your thoughts in the comments below.
Paxful CEO Says He Has ‘Lost’ 5 Bank Accounts
Ray Youssef, the founder of Paxful, a peer-to-peer (P2P) cryptocurrency exchange, now claims he has lost five bank accounts.
Ray Youssef Losses Five Bank Accounts
In a tweet on March 20, Ray added that his close friends are also targeted and barred from opening bank accounts. For this development, the founder claims that there could be more risk of apartheid if countries start rolling out central bank digital currencies (CBDCs).
I have lost five bank accounts, and now my friends are losing bank accounts by association. As bad as this is, this economic segregation will morph into outright apartheid in the west with CDBCs. They can cut off a whole social cluster because one uses bitcoin.
A CBDC is a form of digitized money controlled by the central bank and rolled out in a private or public blockchain, depending on the issuer’s needs. These tokens will allow central banks to distribute funds directly to citizens without using intermediaries like regional banks.
While this innovation is laudable and a progressive move, the centralized nature of CBDCs and the ability of the central bank to monitor citizens’ bank accounts empower governments even more. It is a concern that Youssef shares after he lost his accounts and his associates barred from opening bank accounts simply because one of them is “using bitcoin.”
It is not immediately clear why Youssef lost his accounts and where those bank accounts were domiciled. At the same time, he didn’t divulge the amount he was forced to shift to other crypto-friendly banks or cryptocurrencies, including Bitcoin.
Paxful Popular In Argentina
However, what’s known is that he runs one of the world’s largest peer-to-peer exchanges enabling users from around the globe to trade various cryptocurrencies, including bitcoin, without an intermediary.
Some have blamed the founder for losing his bank accounts, saying he ought to have maintained a low profile. Even though what the banks did is illegal, his online presence and comments on crypto make him an easy target, especially considering his association with the P2P crypto exchange.
Last week, amid the banking crisis in the United States, Paxful allowed traders to change over million worth of cryptocurrencies.
The platform is widely used in countries such as Argentina, Venezuela, and sub-Saharan Africa, where inflation is challenging. Recent data shows that inflation in Argentina has soared above 100% for the first time since the end of hyperinflation in the 1990s.
In December 2022, Paxful delisted Ethereum from its platform. The founder said the coin is a security and centralized, following the blockchain’s shift to proof-of-stake.
Paxful Founder Says The Bitcoin Pump To $26,000 Is Weak
Despite the banking crisis in the United States and the latest inflation data, Bitcoin surged this week, reaching a nine-month high above ,000. However, Paxful founder, Ray Youssef, remains doubtful of the uptrend. In a tweet on March 15, he said the recent BTC leg up is “weak.”
Bitcoin Surges Amidst Bank Crashes
Much of Bitcoin’s price trouble last week stemmed from uncertainty surrounding some of the crypto industry’s biggest banking partners going bust.
Silvergate filed for voluntary liquidation while Signature Bank was closed. Silicon Valley Bank (SVB) experienced a bank run and was placed under receivership by California regulators.
Banking stocks dropped in response to this crisis, but crypto assets are relatively firm. Since Friday, BTC’s price has risen approximately 29%, rallying above ,000 on March 14.
While Bitcoin is relatively higher, Youssef thinks the upside momentum is weak since the pump has low trading volumes. Trading volume is a measure of participation. Traders use this indicator to measure participation and interest.
Based on this observation, he advises traders to take their profits and wait for a cool-off before loading up.
This btc pump has low volume, even the ordinals pump had more volume. I would beware and take a bit of profit. The empire shall continue striking back hard. Buy back later and keep a 2 year time frame always.
— Ray Youssef (@raypaxful) March 15, 2023
Dropping Inflation And Binance’s Crypto-Buying Spree
The price surge coincides with news that inflation in the United States is gradually falling, in line with economists’ expectations.
The Bureau of Labor Statistics’ Consumer Price Index (CPI) reading on Tuesday showed year-on-year inflation had cooled to 6% in February.
Signs of declining inflation may signal that the Federal Reserve (Fed) will stop increasing interest rates in the coming months.
The central bank has been increasing interest rates over the past year to combat rising inflation following months of quantitative easing in 2020.
Early this week, Binance, the world’s largest crypto exchange by client count, said it would convert their billion industry recovery fund to, among other coins, Bitcoin.
Changpeng Zhao “CZ,” the Binance CEO, said this decision follows the banking crisis in the United States and “changes in stablecoins.”
“Given the changes in stablecoins and banks, Binance will convert the remaining billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movements will occur on-chain. Transparency.”
After CZ’s statement, data showed Bitcoin being deposited to Binance.
Analyst James V. Straten said the decision to purchase coins, including BTC and Ethereum, is why there has been a spike in volatility which is further increased by macro factors.
The Bitcoin price is currently stable but is below the ,000 level.
OKEx Paxful Join Hands to Promote Crypto Adoption
The popular cryptocurrency derivatives and spot trading platform, OKEx has entered into a strategic partnership with Paxful, leading P2P Bitcoin marketplace to promote cryptocurrency adoption. According to the company’s announcement, this partnership will allow OKEx to integrate Paxful Kiosk into the platform, which will provide users with access to a variety of payment methods and advanced trading tools.
Paxful is known for its fiat-to-bitcoin exchange capabilities, as the platform supports cryptocurrency purchases with more than 160 different fiat currencies. Through this integration, Paxful will act as a key fiat-to-cryptocurrency on-ramp for OKEx, enabling the trading platform’s users to purchase Bitcoin using different fiat payment methods. This feature will play a crucial role in onboarding people who are new to cryptocurrencies by enabling them to purchase BTC using their local currency and even use it to start trading on OKEx. Some of the supported payment methods for purchasing cryptocurrency on Paxful include bank transfers, domestic wires, online wallets, gift cards and more.
While mentioning the partnership, the CEO of Paxful Ray Youseff said, “At Paxful, one of our goals is to help grow the crypto community. We admire OKEx’s work and know that our values and strategy are aligned. With this partnership, we hope to continue to build up the ecosystem together and make crypto more accessible as a real-world payment method.”
The integration of Paxful with OKEx will also help users instantly match with sellers based on their trading needs, in terms of currency and payment methods on any of the two platforms. It is expected to benefit at least 100 million users, both in terms of payment options and exposure to high liquidity, cold storage features, and a vast suite of trading products and tools.
It is a welcome development that could encourage more people to start trading cryptocurrencies as a majority of the Paxful users have so far confined their operations to exchanging fiat to bitcoin and vice versa. Now, they can access sophisticated trading options made available by OKEx and indulge in spot, margin, and futures trading.
While touching upon the subject of extending the platform’s reach through on-ramp options, CEO of OKEx Jay Hao said, “We’re extremely enthusiastic about our partnership with Paxful as one of the most widely used and respected peer-to-peer BTC marketplaces. We’re firm believers in collaboration at OKEx and understand that we must work together to onboard more people to cryptocurrency. No one should work as an isolated island. The benefits of this partnership are huge, both for Paxful and OKEx users. Together, we can reach and give more options to at least 100 million users.”
The Paxful partnership is expected to propel OKEx into many developing regions in the world, including countries like India, Indonesia, Nigeria, Turkey, Russia, and Argentina, all of which have a rapidly growing cryptocurrency market. The strategic partnership between OKEx and Paxful will add value to both the companies by augmenting each other’s offering, creating a win-win scenario.
Learn more about the OKEx-Paxful partnership here.
P2P Crypto Trading Volume Increased 2800 in South Africa, Says Paxful
n P2P crypto trading platform Paxful sees a 2,800 increase in South African trading volumen
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BitMart and Paxful Team Up to Generate Crypto Liquidity
n nn nn On February 21, 2019, peer-to-peer bitcoin marketplace Paxful announced a partnership with trading platform BitMart for the purpose of vastly increasing the latters liquidity and scalability.In a company statement, Paxful claimed that this project was initiated in the hopes of increasing liquidity and scalability across the entire crypto asset industry.Paxfuls model for peer-to-peer transaction has made waves in the crypto space all around the world, with
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