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P2P Exchange Paxful Removes Ethereum, CEO: Centralization and Proliferation of Token Scams

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P2P Exchange Paxful Removes Ethereum, CEO: Centralization and Proliferation of Token Scams

Paxful CEO Ray Youssef delisted Ethereum citing concerns over centralization, digital fiat, and new coin scams, emphasizing that users should be using only the trustworthy Bitcoin. The forced delisting is one of the ways to guide users.

In a letter to users, the Paxful CEO stated that ETH trading pairs have been removed as of 12/22 for reasons including:

Table of Contents

1. Ethereum Switches to Proof of Stake

Proof of Work (PoW) is the innovative mechanism that made Bitcoin the only trustworthy currency, while Proof of Stake transforms ETH into a digital form of fiat currency.

2. Ethereum Is Not Decentralized

Ethereum is controlled by a small group of people, and one day you will need their approval to use it.

3. Ethereum's Token Issuance Mechanism Gives Rise to Numerous Scams

Ethereum has practical applications such as lending, but what truly drives its adoption is the token issuance feature, which has become a scam that has defrauded billions of people.

Ray Youssef pointed out:

The crypto industry is under attack, which means our responsibility to protect users is even greater. Paxful is not perfect, but we always do the right thing, even if it's unpopular. As CEO, we will always prioritize our goals over profits.

Ray Youssef was also asked if they only offer Bitcoin-related trading pairs. What about stablecoins like USDT and USDC?

He emphasized that stablecoins are essential for practical use, which is why it is necessary to hold some ETH in the wallet.

Coin Dance data shows that Paxful has a weekly trading volume of around $35 million, ranking around 140th according to CoinMarketCap.