On October 1 2025, Bitcoin Crypto Trading Platform Paxful announced its decision to “Wind down” operations by November 1. This was done after careful consideration, they say, and it “stems from the lasting impact of historic misconduct by former co-founders Ray Youssef and Artur Schaback prior to 2023, combined with unsustainable costs from compliance remediation efforts”.
Paxful, via X (formerly twitter).
According to email sent to its users, no new signups or trading activities are permitted effective immediately. Account holders are urged to withdraw their remaining balances as soon as possible. By October 15, 2025, all accounts will be restricted; and after that, only one final full-balance withdrawal will be permitted. Finally, their mobile app will be discontinued on October 31st.
“We understand this may be disappointing news. Please know that we are committed to making this wind-down as transparent, secure, and seamless as possible for you and our entire global community”. They concluded.
Paxful, once the world’s largest people-powered marketplace, has connected over 14 million users across 140+ countries, enabling them to move, earn, save, and store money since its founding in 2015. The company has announced it is shutting down, marking the end of its operations as it worked toward building a financial system for all.