Crypto platform Paxful pulls ETH from its marketplace

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Peer-to-peer cryptocurrency market Paxful has removed Ether (ETH), the native Ethereum token, from its market, citing a number of concerns about the world’s second-largest cryptocurrency by market capitalization.

Paxful CEO Ray Youssef announced the decision in a message to the platform’s approximately 11.6 million users, which he later shared on Twitter.

We finally removed #ethereum from our marketplace. 11.6 million humans safer. Integrity over income Who’s next? pic.twitter.com/JTJXa5RYJ8

Ray Youssef (@raypaxful) December 21, 2022

Youssef highlighted three major concerns about the Ethereum ecosystem that led to the market’s removal of ETH, citing Paxful’s intention to maintain its integrity and its efforts to fight economic apartheid around the world, driven by fiduciary monetary systems:

I want to see a world where bitcoin frees billions of people held back by this evil system, especially those who live unnecessarily in the south.

Ethereum’s move from proof-of-work (PoW) consensus to proof-of-stake (PoS) consensus was the primary reason cited for this decision. Youssef explained that PoW is the innovation that makes Bitcoin the only honest currency there is and that the transition from Ethereum to PoS has transformed ETH into a digital form of fiat.

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Youssef also criticized Ethereum for not being decentralized and cited the protocols’ ability to enable tokenization of assets as a driver for scams and fraud in the cryptocurrency ecosystem.

The tokens that ETH spawned were scams that robbed billions of people. They stole precious momentum from Bitcoin and cost us years in our mission.

The CEO of Paxfuls has also been a strong advocate for Bitcoin and cryptocurrency self-custody following the collapse of FTX in November 2022. Youssef implored cryptocurrency users to transfer holdings BTC to self-custody storage, with Paxful users also encouraged to follow suit.

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