Paxful, a popular Africa-focused cryptocurrency marketplace has announced that it’s shutting down and asked its users to withdraw their funds.

The announcement was made by Paxful CEO Ray Youssef who said that the decision to close the company was occasioned by the departure of key staff members and a changing regulation ecosystem.

The peer-to-peer Bitcoin trading platform has gained popularity in Africa, with Nigeria and Kenya among the countries leading in users across the continent.

“There were no engineers, compliance team members, or security personnel left working at the company. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S., “Youssef said in a blog post

Article by Tech trends