All customer funds are accounted for and protecting customer assets is a priority for the exchange. He also urged clients to withdraw and safeguard their assets themselves.

The exchange’s regulatory concerns stem mainly from the US.

Paxful joins a growing list of cryptocurrency exchanges closing shop due to legal obstacles in the US.

Last Friday, Bittrex, a Seattle-based cryptocurrency exchange, announced it was winding down its US operations, citing regulatory problems.

Beaxy, another US platform, was shut down by the Securities and Exchange Commission for operating an unregistered exchange.

US regulators have recently stepped up their scrutiny of the industry. Last week, the Commodity Futures Trading Commission sued Binance, the world’s largest cryptocurrency exchange, for violating compliance rules.