Paxful is pulling Ethereum (ETH) off the list, citing centralization and scams.
Paxful is removing ETH from the crypto market tomorrow and associating the associated tokens with scams that robbed billions of people. After the collapse of FTX, investors’ concerns have increased considerably. Although crypto platforms have increased their transparency efforts after these events, the CEO of the company, Ray Youssef, is looking for alternative ways.
Important Ethereum Step from Paxful
Paxful, a person-to-person (P2P) crypto platform, said that they will delist Ethereum, citing security issues due to the switch to proof-of-stake.
The company’s CEO, Ray Youssef, criticized the use of ETH earlier this year, calling it essentially a form of fiat. In a new letter to users, he wrote:
Youssef emphasized that ETH is decentralized, noting that it is managed by a group of people and will one day have to be acquired to use ETH. He also said that ETH used to have real-life connections such as lending and lending, but is currently experiencing growth on tokenization. According to Youssef, the tokens revealed by ETH are fraudulent products that rob people of billions of dollars.