What does the future hold for peer-to-peer cryptocurrency exchanges?
, the two co-founders are currently at loggerheads over who will manage the business and have made a number of charges against one another. The accusations include, among other things, the theft of corporate finances, money laundering and circumvention of U.S. sanctions on Russia., both Schaback and Youssef continued their blame game and pointed fingers at the other person. Youssef claimed his co-founder’s legal tactics “bordered on terrorism” and cost Paxful many employees and directors.
The Indian government imposed a banking ban on crypto exchanges in 2019 cutting all banking facilities to such exchanges. However, WazirX, one of the early crypto exchanges in India, introduced its P2P platform to ensure people were still able to trade their assets. Indian crypto traders turned to P2P platforms again in 2021 after the government imposed a hefty 30% tax on crypto transactions.
“Countries like Malawi, where citizens are well-capitalized but have restrictive banking practices that only allow customers to withdraw a few USD daily — P2P exchanges are necessary for those individuals to interact with the global financial infrastructure,” he explained. Saponaro told Cointelegraph that the only way new and existing P2P exchanges will survive is as ancillary services offered by licensed operators:
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