This past weekend, LocalBitcoins startled digital currency communities across the world by announcing the immediate removal of all cash offers on their site. The news was surprising to many and our team wanted to reassure our customers that here at Paxful, we recognize that cash is still the king.
In the developing world and emerging markets, cash is still the strongest form of currency. Part of Paxful’s mission is supporting those markets and to ensure that our platform will be staying true to the peer-to-peer nature of Bitcoin. Millions of people around the world do not have access to alternative currencies and heavily rely on cash every day. This is something we take very seriously, which is why we felt it was important to let you, our customers, know that Paxful will not turn its back on you.
We’re committed to supporting those of you who use cash offers to buy goods, remit money, support your loved ones, and more. As digital currencies become more regulated, many P2P platforms may start to ban cash transactions due to anti-money laundering, regulatory, and safety issues. Paxful, however, has hired a top-tier legal and compliance team to make sure the needs of our customers are met. Among other things, the team has implemented various mitigating controls in this space to protect our honest users and make sure the system is as safe and as seamless as possible. We will continue to keep the door open for the unbanked and underbanked from every corner of the globe.
As a gesture of our appreciation, escrow fees for all in-person cash trades and cash by mail will be cut in half to 0.5% for the month of June. To our loyal Paxful family, thank you for sticking by us and trusting in us. We’re proud to not have let you down and promise there are only bigger things ahead of us. And to those joining us for the first time, whether you’re a LocalBitcoin refugee or a bitcoin newbie, we welcome you with open arms. Paxful will not forget the nature of bitcoin and will work relentlessly towards a world of financial inclusion.
Head over to our offers page to check out all of our available cash offers.