[p]One of the biggest Bitcoin platforms in Nigeria, Peer-too-peer Bitcoin platform, Paxful, [/b]with 1.5m users in Nigeria has closed down.
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[p]The piece of news about the shutting down of the Bitcoin platform was shared by the co-founder and Chief Executive Officer, Ray Youssef. While speaking on the issue on a Twitter space, Youssef said that the platform has to close down because a lawsuit was brought by a Paxful co-founder who is suing Paxful and Youssef after being “kicked out of the company” over a year ago.
[/p][p]He said, “Today, Paxful will be suspending its marketplace. We are not sure if it will come back.
[/p][p]“This will probably come as a big shock to many. While I cannot share the full story now, I can say that we unfortunately have had some key staff departures. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”
[/p][p]“My co-founder sued the company and sued me. I have a lawsuit over my head right now,” he was quoted as saying on Twitter Space.
[/p][p]In an interview with Business Africa Insider in 2022, Paxful’s CEO said that Nigeria is the firm’s largest market, with 1.5 million users and over $1.5 billion volume to date (since 2015).
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