With Paxful winding down operations by November 1, many Nigerians who depended on it for daily Bitcoin trades are wondering what happens next.
For the past decade, Paxful was Africa’s most trusted peer-to-peer Bitcoin exchange, connecting millions to buy, sell, and convert Bitcoin in Naira.
The closure marks an era’s end in Nigeria’s crypto space, but Bitcoin trading remains active.
In fact, the local market remains as active as ever, with a growing number of reliable exchanges ready to fill the gap they will leave behind.
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Why the platform left and its legacy
Since 2015, the exchange has served as a financial alternative for millions of Africans excluded from traditional banking systems.
Their peer-to-peer marketplace offered access to more than 400 payment options, including bank transfers, mobile money, and gift cards, giving Nigerians flexibility and freedom over how they moved their digital assets.
The decision to shut down came after a long compliance battle and the effects of misconduct by former founders. However, their current management has assured users that all funds are safe and accessible.
“Paxful is winding down operations by November 1, 2025, due to the lasting impact of historic misconduct by former co-founders Ray Youssef and Artur Schaback prior to 2023, combined with unsustainable compliance remediation costs. We unequivocally condemn those past actions, which do not reflect Paxful’s values today.”
Therefore, Nigerians are encouraged to withdraw their balances before the shutdown and migrate to other secure platforms.
The good news? Several established crypto exchanges already provide everything they offer and more.
Where to trade Bitcoin after Paxful
Nigerian traders can now use another platform with the same P2P convenience but better security and regulation. Our findings show the alternative platform below.
CoinCola
CoinCola has quickly become one of the most popular platforms for users. Built with African traders in mind, the exchange allows seamless Bitcoin-to-Naira conversion using local payment methods, escrow protection, and verified vendors.
Transactions are quick, transparent, and supported by responsive customer service.
OKX and KuCoin
They have also gained popularity among Nigerians. Both platforms support direct Bitcoin-to-Naira trading, offer secure escrow systems, and integrate various fiat currencies.
OKX, in particular, is praised for its fast transaction times, while KuCoin is known for its user-friendly interface and fair market rates.
Bybit
Though a newer entrant into Nigeria’s P2P space, it is also rapidly attracting local users. Its simple layout and low fees make it a competitive alternative, especially for those looking for a fresh start after Paxful.
Together, these exchanges prove that Nigeria’s P2P economy remains strong even without Paxful at its centre.
Safety and trust still come first
While there are plenty of alternatives, Nigerians must remain cautious when transitioning to new platforms. Scammers often take advantage of market shifts.
It is essential to choose exchanges that require Know-Your-Customer (KYC) verification, use escrow protection, and have active dispute-resolution teams.
These safety measures ensure that Bitcoin is only released after both parties confirm payment, reducing the risk of fraud.
Equally important is checking vendor feedback and trade history. Trusted sellers with positive ratings are less likely to engage in suspicious transactions.
Nigerians who are new to these platforms should start with smaller trades before scaling up.
Paxful’s exit may feel like a setback, but in reality, it’s part of a larger transformation. The crypto ecosystem is evolving toward more transparency, regulation, and innovation.
Many fintech startups are now integrating Bitcoin payments directly into their apps. Platforms like Bitnob, Busha, and Patricia already allow users to buy, save, or spend Bitcoin in Naira without relying solely on foreign exchanges.
This local expansion means Nigerians can continue to access global digital finance tools while operating within a more stable and compliant framework.
Bitcoin-to-Naira conversions are faster than ever and in many cases, even cheaper than during Paxful’s early days.