Paxful Removes Ethereum From Its Marketplace, Claiming That The Token Abets Scam

Key Points:

• Ethereum has been pulled from the Paxful cryptocurrency marketplace, citing ETH-related problems as the cause.
• Ray Youssef, CEO of Paxful, cites the adoption of proof-of-stake by Ethereum, as well as concerns about perceived centralization and token production, as factors in the decision.
• The CEO emerged as a vocal proponent of Bitcoin and cryptocurrency self-custody following the collapse of FTX in November 2022.

The second-largest cryptocurrency in the world by market capitalization, Ethereum (ETH), has been pulled from the peer-to-peer Paxful exchange due to a variety of issues.

Paxful CEO Ray Youssef made the announcement in a message to users, which he later published on Twitter.

Youssef said in an email to users:

“Revenue is nice, but integrity trumps all.”

Youssef cited Paxful’s intention to uphold its integrity and attempts to prevent economic apartheid throughout the world caused by fiat monetary systems as reasons for the marketplace’s removal of ETH, highlighting three fundamental issues with the Ethereum ecosystem:

First, with earlier this year’s transition to proof-of-stake from proof-of-work, Ether has effectively become essentially a digital form of fiat.

Additionally, ETH is not decentralized. One day, “you will need permission to use it,” as it is now controlled by a tiny handful of individuals, the CEO said.

Last but not least, the tokens that Ether has produced are scams that have defrauded individuals of billions.

The CEO instead praised the number one coin in the market, Bitcoin:

“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.”

At the time of writing, ETH is trading at $1209.

After FTX’s demise in November 2022, Paxful’s CEO became a prominent supporter of Bitcoin and cryptocurrency self-custody. Youssef urged the exchange users to move their BTC holdings to self-custody storage and urged cryptocurrency users to do the same.

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