Youssef previously revealed that the P2P platform was working to remove ETH, noting that “integrity trumps all.”

Paxful Delists Ethereum

Announcing the latest move via Twitter on Wednesday, the CEO stated that the platform chose integrity over revenue. He added that Paxful has made over 11 million humans safer by delisting ETH from its marketplace.

Explaining the reasons behind the move, the CEO cited several factors. First, Youssef noted that Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) “rendered ETH essentially a digital form of fiat.” On the other hand, the Paxful boss sees PoW as the innovation that “makes bitcoin (BTC) the only honest money there is.”

Youssef: Ethereum is Not Decentralised

Recall that Ethereum completed its long-awaited Merge on September 15, 2022. Since the upgrade, the network has received several backlashes and criticism. Critics argue that the transition will make the network less decentralised and could open it to new attacks.

Youssef is one of those who believe Ethereum has become less decentralised. He also noted that investors may eventually need permission to use the network.

Although the CEO admitted that ETH has some utility in real use cases such as credit and lending, he noted that the network thrives because of its tokenisation model.

According to Youssef, the network’s tokens are scams that have robbed investors of billions. He claims the tokens “have stolen valuable momentum away from Bitcoin and cost us years on our mission.”

“In short, our industry is under attack right now — which means our responsibility to protect our users is greater than ever before. We are not perfect, but we’ll always do the right thing, even if it’s not popular, and even if it costs us money. The pay off for all humanity will be so great that the billions scammers have stolen via tokens will seem like pennies in comparison,” he said.

(By William A. Frederick)