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Delisting of the second-largest cryptocurrency Ethereum from the Paxful crypto exchange split the crypto community into two groups: some supported the decision, others opposed it. The editorial board of BeInCrypto collected in one review the reaction of crypto investors to the delisting of ETH
What happened
On December 21, 2022, Paxful CEO Ray Youssef in a mailing list informed the platform's clients of his intention to delist the Ethereum cryptocurrency on December 22 at 15:00 (Moscow Time).
"We have finally removed Ethereum from our trading platform, increasing the security of 11.6 million people. Honesty is higher than income," Ray Youssef commented on the decision in his microblog, concluding the appeal with a question about who will be next, probably hinting at a possible delisting of ETH from other crypto exchanges.
Screen of Ray Yusef's appeal to users
Among the reasons for delisting Ethereum , the head of the crypto exchange identified the following:
The negative impact on the coin of the change of the algorithm from PoW to PoS in September 2022. PoS-Ethereum, according to Ray Youssef, is more like a digital form of traditional money.
High level of centralization. Ray Yousef believes that ETH is under the control of a small group of project managers.
High activity rates of scam projects in the Ethereum ecosystem.
In an address to Paxful users, Ray Youssef noted that only bitcoin, in his opinion, will be able to "free billions of people" from the negative influence of the current financial system. At the same time, stablecoins on ETH, despite the dislike of the head of the crypto exchange for the coin, will remain in the listing of the platform.
The reaction of the crypto community
Paxful users and the crypto community are expected to be divided into two camps. Representatives of the former supported the delisting of Ethereum and the shift in focus to bitcoin. The second group, on the contrary, criticized the decision of the head of the trading platform.
Users noted that delisting Ethereum with Paxful could negatively affect the position of the crypto exchange itself, as such an act would force representatives of the ETH community to turn away from it. Ray Yusef's subscribers also drew attention to the fact that by his decision he deprived them of one of the sought-after opportunities to diversify their investment portfolio.
Many netizens believe that sooner or later Paxful will have to return a cryptocurrency more popular than the crypto exchange itself to the listing. Also, some commentators drew attention to the fact that according to Ray Yusef's logic, all PoS coins should be removed from the trading platform.
Earlier, the head of Paxful called on the participants of the crypto community to abandon the storage of cryptocurrencies on centralized exchanges.
