Paxful launched it would stay all operations by November 1, 2025, citing the lasting impact of historical misconduct by frail co-founders Ray Youssef and Artur Schaback and unsustainable costs from intensive compliance remediation.
The corporate stated the resolution is strategic and driven by long-term sustainability concerns regardless of reporting financial stability and progress under original ownership following a two-year transformation that included compliance overhauls, stability sheet restructuring, and management renewal. Paxful condemned the prior actions of its frail co-founders as inconsistent with the company’s newest values. The corporate stated it remains committed to returning user funds securely and must peaceful place customers suggested in all places in the wind-down length, urging customers to withdraw balances promptly to guide sure of delays. Paxful expressed gratitude to its neighborhood of 14 million customers across more than 140 countries and emphasized that the shutdown displays a strategic overview fairly than insolvency or complications with the newest management.
