Paxful Delists Ethereum From its Marketplace

Peer-to-peer Bitcoin (BTC) marketplace Paxful has finally delisted Ethereum (ETH) from its platform. Markedly, Paxful is taking this step to enforce integrity on its platform.

According to Ray Youssef, the Chief Executive Officer (CEO) of the platform “Revenue is nice, but integrity trumps all.” He believes that this strategy is safer for his 11.6 million users, especially with the several concerns he perceives about ETH.

Youssef cited three reasons that instigated the removal of ETH from its marketplace.

He highlighted the transition of Ether from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) mechanism which is popularly known as The Merge. Also, Youssef noted that the world’s second-largest cryptocurrency by market capitalization has perceived centralization and token minting ability. 

Paxful Support BTC And Self-Custody

With the delisting of ETH, Paxful is throwing its full support to Bitcoin while it tries to fight against ‘economic apartheid’ which is propagated by the fiat monetary system. 

“I want to see a world where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the global south,” Youssef added.

He opined that PoW is the leverage that BTC has over other cryptocurrencies citing it as the “innovation that makes Bitcoin the only honest money there is.” With ETH’s PoS transition, Youssef says it’s now only a digital form of fiat. The token-minting ability of Ether also makes it susceptible to being used as a scam and fraud tool in the cryptosphere.

He further emphasized “The tokens that ETH has spawned have been scams that robbed people of billions. They have stolen valuable momentum away from Bitcoin and cost us years on our mission.” Ultimately, the Paxful CEO believes that ETH compromises on integrity.

While Ray Youssef has been an ardent campaigner for BTC, he has also moved camp to support crypto self-custody since the implosion of the Bahamian-headquartered FTX crypto exchange. 

“My sole responsibility is to help and serve you. That’s why today I’m messaging all of our [Paxful] users to move your Bitcoin to self-custody. You should not keep your savings on Paxful, or any exchange, and only keep what you trade here,” he announced, adding that “you’re at the mercy of […] their morals.”