The statement, which was posted on X by NoOnes’ official account on Thursday, February 26, 2025, revealed that Youssef “does not participate in the management, operations, or decision-making of the platform. Any legal matters involving Ray Youssef are personal and unrelated to NoOnes.”
Prior to the statement, Youssef announced on his X page that he was stepping down as CEO of NoOnes six days ago, but did not mention why.
While NoOnes also did not mention why he was stepping away, it mentioned that there are legal proceedings ongoing, and it would only be made public when they’re over.
Meanwhile, Youssef has had what can be described as a controversial crypto career.
Before taking the reins at NoOnes just over two years ago, there was a lot of controversy surrounding the death of his previous venture, Paxful — one of the earliest P2P crypto platforms that was widely popular in Nigeria and recorded $1.5 billion in trade volumes in 2021.
Paxful shut down in 2023 after facing intense regulatory pressure and internal challenges. US regulators, including FinCEN and the Department of Justice, fined Paxful for compliance failures and handling transactions tied to suspicious activity.
The shutdown was attributed officially to regulatory hurdles and departures of key staff, although critics have pointed to deeper governance and management issues.
Industry observers have debated whether regulatory scrutiny or internal mismanagement played the decisive role in Paxful’s collapse.
Some users and community members expressed distrust in the platform’s operations even before its closure, citing locked accounts and unresolved withdrawal issues.
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Several serious accusations of substance use were also levelled against Youssef, including using and being under the influence of substances at work. He and his co-founder were arrested in 2016 with firearms and cocaine.
Youssef’s role in both Paxful and NoOnes attracted mixed sentiment. While supporters credited him with pioneering P2P crypto trading and pushing for financial inclusion in underserved regions, critics questioned leadership decisions and operational transparency at both enterprises.
At this stage, NoOnes has not publicly detailed who will take over as CEO or the strategic direction the exchange will pursue post-Youssef, leaving markets and community members speculating about the future of the platform. NoOnes, which built its reputation by combining peer-to-peer trading, an integrated wallet and messaging features, grew rapidly in markets like Africa and Southeast Asia under Youssef’s leadership.
