The BTC market is currently uncertain about the reopening outlook of P2P bitcoin trading platform Paxful due to a conflict of interest between its co-founders.
Reports indicate that tension arose between Ray Youssef and Arthur Shabak, leading to the termination of the platform’s activities.
The intra-corporate conflict of Paxful executives became public, with information that Arthur Shabak filed a lawsuit against Ray Youssef, resulting in Youssef’s removal from the management of the platform and the resignation of key team members.
Shabak claims that the root of the disagreement can be traced back to a deal between him and Yousef to buy out Shabak’s stake in Paxful that collapsed in 2021.
Youssef allegedly decided not to buy Shabak’s shares and not seek investors, leading to a complete takeover of the company.
Despite plans to re-enter the market, possibly with a new line of business, the offended co-founder admitted that Paxful’s announcement of the suspension came as a shock to him.
Shabak claims that the announcement of Paxful’s closure was part of Yousef’s “pre-planned” effort to get the company out of US jurisdiction.
Meanwhile, Youssef advised exchange clients to look for a new service provider and vouched for the Noones exchange, which he says offers better trading fees, cheaper services, and a more generous affiliate program than Paxful’s.
Although Paxful cited regulatory environment and “leaving of key employees” as the official reasons for its decision to shut down earlier this week, Artur Shabak hopes to relaunch the platform in the future.