Paxful unequivocally acknowledges and condemns its past actions and the actions of its former co-founders, which are completely inconsistent with the values and ethical standards of the company under its new ownership. Throughout the investigation process, Paxful worked with both the DOJ and FinCEN, helping to clarify the circumstances surrounding the former founders’ conduct.
These similarities clearly support the rationale behind Paxful’s recent phase-out announcement. The lingering fallout from the former founders’ actions, coupled with the intensive compliance improvements needed to address them, have created an untenable path forward for a non-US entity like Paxful.
At the same time, these agreements represent a critical milestone for Paxful, closing a difficult chapter in Paxful’s history tied to the actions of past leaders and reinforcing its unwavering commitment to compliance, transparency and ethical practices.
Although Paxful is no longer in business, it remains fully committed to the safe and timely return of any remaining user funds.
About Paxful
Once the world’s largest people-powered marketplace, Paxful has connected more than 14 million users in more than 140 countries since its founding in 2015, helping them move, earn, save and store money. A pioneering borderless peer-to-peer payment network, Paxful provided access to the global economy through cryptocurrencies and supported more than 400 payment methods for buying and selling Bitcoin, USDT and other digital and local currencies.
For questions regarding this announcement, please contact: legal@paxful.com
Law firm:
Essex Ingolia
350 5th Avenue
The Empire State Building
New York, NY 10118
contact@esseksingoglia.com
212-358-4343
FinCEN: Enforcement Action Number 2025-02
DOJ: United States v. Paxful Holdings, Inc., 2:25-cr-00235, (ED Cal.).
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