Paxful, a leading peer-to-peer cryptocurrency marketplace, has recently announced that 88% of previously frozen customer accounts have been restored. The co-founder of Paxful, Artur Schaback, revealed this information in a recent interview with CoinDesk.
Paxful is a platform that allows users to buy and sell cryptocurrencies such as Bitcoin, Ethereum, and Tether. The platform has gained popularity in recent years due to its user-friendly interface and the ability to trade cryptocurrencies without the need for a centralized exchange.
However, in 2020, Paxful faced some challenges when it froze over 5,000 customer accounts due to concerns over fraudulent activity. This move was met with criticism from some users who claimed that their accounts were frozen without any explanation or warning.
In response to these concerns, Paxful launched an initiative to restore the frozen accounts. According to Schaback, the company has been working diligently to review each account and ensure that legitimate users are able to access their funds.
Schaback stated that the restoration process has been successful, with 88% of the previously frozen accounts now fully restored. He also noted that the remaining 12% of accounts are still under review and will be restored once the company has completed its investigation.
This news is likely to be welcomed by Paxful users who were affected by the account freezes. It demonstrates the company’s commitment to ensuring that legitimate users are not unfairly impacted by measures taken to combat fraudulent activity on the platform.
Schaback also emphasized the importance of security measures on the platform, stating that Paxful is constantly working to improve its security protocols and prevent fraudulent activity. He noted that the company has implemented new measures such as two-factor authentication and enhanced KYC (know your customer) procedures to help prevent fraud.
Overall, the restoration of 88% of previously frozen accounts is a positive development for Paxful and its users. It demonstrates the company’s commitment to ensuring that legitimate users are not unfairly impacted by measures taken to combat fraudulent activity on the platform. As Paxful continues to improve its security measures, it is likely to remain a popular choice for those looking to buy and sell cryptocurrencies in a peer-to-peer environment.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: Plato Data Intelligence: PlatoData