Peer-to-peer cryptocurrency exchange, Paxful, has announced the appointment of Roshan Dharia as its interim CEO. Dharia, who previously served as a senior executive at TrustToken, will be tasked with strengthening operations and exploring strategic alternatives. In a statement, Dharia expressed his excitement about taking on the role and building on the innovative technology developed by Paxful’s team.
Former CEO Acknowledges New Appointment
Former CEO Ray Youssef has publicly acknowledged and criticized the onboarding of Dharia. Taking to Twitter, Youssef wrote: “Paxful has a new defi CEO…expect a token soon.” However, Youssef also made it clear that he has no part in Paxful’s business decisions and advised users to take their issues to Dharia directly.
Reports of Disagreements Between Co-Founders
According to previous reports from Cointelegraph, Youssef had a disagreement with co-founder Artur Schaback over the use of exchange funds in early 2023, which led to blocked salaries and resignations from certain teams and contractors. Youssef allegedly shut down Paxful on his own accord when it halted services on April 4. He subsequently stepped down from his role and committed his funds to a public trust that would be used to repay users. The platform eventually announced its reopening on May 8.
Paxful’s Future Plans
With the appointment of Dharia as interim CEO, Paxful hopes to strengthen operations and explore strategic alternatives. Although Youssef’s departure and the subsequent shut down of the platform caused some turmoil, Paxful has remained committed to providing its users with a reliable and secure platform for trading cryptocurrencies. As the cryptocurrency market continues to evolve, it remains to be seen what plans Paxful has for the future and how Dharia will steer the platform towards success.