Trading –Over 9 M investors world wide could lose their account in the multimillion bitcoin company Paxful which is closing shop.
For instance, Kenyan investors on Paxful on Wednesday, March 5, were alerted to withdraw all their investments following its sudden closure of the online bitcoin shop that has been around for years.
Chief Executive Officer, Ray Youssef, announced that the company was now ready to leave the country owing to regulatory challenges and the departure of some key staff.
Youssef explained that the regulatory framework in the parent company in US was a major hindrance to its global operations.
Nonetheless, anybody who had his funds still in their account was allowed to withdraw from today.
“Today, Paxful will be suspending its marketplace. We are not sure if it will come back. 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.
“While we work through these issues, we have taken the most secure option and ask you to elsewhere,” partly read the statement.
Interestingly those willing to shift base to other platforms were also given that latitude and support by Paxful.
According to data from Time Magazine, Paxful had nine million investors with a majority of the African investors coming from Kenya and Nigeria.
