Paxful resumes marketplace operations

After suspending operations in April, peer-to-peer cryptocurrency exchange Paxful has relaunched.

Paxful stated in a website update that the marketplace had been relaunched after more than 30 days.

Although Paxful stated that its wallet “remained fully operational” during the service suspension, it is unclear how the company intends to proceed.

Paxful stated, “Over the past month, our team has diligently labored to bring the marketplace back online, putting the safety and security of users first.”

Court documents from March revealed that Paxful CEO Ray Youssef and co-founder Artur Schaback leveled accusations against each other regarding misappropriation of company funds, money laundering, and evasion of U.S. sanctions against Russia before the marketplace suspended operations.

Youssef subsequently stated in a blog post that there would be “key staff departures” and attributed the shutdown to the U.S. regulatory environment.

Youssef stated in April that he had completed his “final act” as CEO by unfreezing 88% of certain users’ accounts; however, at the time of publication, he was still listed as CEO on the company’s website.

Youssef has reportedly been collaborating with Block’s TBD division to develop a peer-to-peer cryptocurrency trading platform dubbed Civilization Kit, or Civ Kit.

According to its white paper, Civ Kit will be based on Nostr, a decentralized network that enables end-to-end encrypted private messaging.