Paxful (Courtesy: Twitter)
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Cryptocurrency Platform Paxful Shuts Down In Venezuela

Paxful (Courtesy: Twitter)
Paxful (Courtesy: Twitter)

The people of Venezuela received another bad blow as the popular cryptocurrency platform Paxful blocked users from the country.

Another day, another bad news for the people of Venezuela. Paxful has decided to stop supporting the country, giving users 30 days to withdraw their funds and preventing any new sign-ins.

Throughout the day, users of the platform received an email, in which Paxful warned it had to “close its operations” in Venezuela after months of hard work:

“Although we made our best efforts during several months, we are sad to announce that, in view of the concern for the regulatory scenario, Paxful will close its operations in Venezuela.”

Paxful users rushed to share the statement on social media, rejecting the decision, and asking for more clarity. Their concerns were later heard with a farewell video from the Paxful LatAm team. They explained that “regulations are getting stricter,” assuring in a later tweet that they were explicitly pulling the plug due to the sanctions issued by the OFAC.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.