Controversial Crypto Founder In Yet Another Ouster Echoing Past Scandals

Ray Youssef, the controversial cryptocurrency entrepreneur who built two of Africa’s notable peer-to-peer trading platforms, has stepped down as CEO of NoOnes just over two years after founding it, the company confirmed this week, citing ongoing legal matters that remain undisclosed.

NoOnes, which Youssef launched in 2023 following the collapse of his previous venture, Paxful, announced on Thursday that its founder “does not participate in the management, operations, or decision-making of the platform.” The statement emphasised that “any legal matters involving Ray Youssef are personal and unrelated to NoOnes,” without elaborating on the nature of the proceedings.

Youssef had first announced his exit a week earlier on X, describing it as a difficult decision but offering no explanation. When contacted for comment, he had not responded to requests.

The departure marks the second time in three years that Youssef has left a company he founded under opaque circumstances. Paxful, once one of the world’s largest peer-to-peer bitcoin marketplaces boasting 1.5 million Nigerian users and USD 1.5 B in annual trade volume, shut down abruptly in 2023 amid regulatory scrutiny and a bitter legal battle with co-founder Artur Schaback.

At the time, Youssef blamed “key staff departures” and intensifying U.S. regulatory pressure on the peer-to-peer sector. But court filings later revealed a lawsuit between the co-founders, with allegations including mismanagement and governance failures. U.S. regulators, including FinCEN and the Department of Justice, subsequently fined Paxful for compliance lapses and handling transactions linked to suspicious activity.

The controversies surrounding Youssef extend beyond corporate governance. In 2016, he and a co-founder were arrested on charges of possessing firearms and cocaine, though the long-term disposition of that case remains unclear. Industry observers have also noted past allegations of substance use affecting leadership decisions, claims Youssef has never publicly addressed.

Since leaving Paxful, Youssef positioned NoOnes as a fresh start, a community-driven trading ecosystem targeting Africa, Latin America, and Southeast Asia, where currency instability and limited banking access fuel demand for crypto alternatives. The platform grew rapidly, reporting over 2 million users and recording more than USD 4 M in daily trading volume shortly before his departure.

But in recent months, Youssef’s X feed has taken a markedly different turn. His posts have shifted toward overtly political and religious themes, including warnings about U.S.-Iran tensions, anti-Israel rhetoric, and references to divine protection, leading to questions about whether his focus had drifted from the company’s operations.

NoOnes has not named a successor or detailed its strategic direction post-Youssef. In a brief statement, the company said it remains “focused on delivering innovative crypto trading products while maintaining a secure, reliable, and user-centric environment.”

For the millions of African users who relied on Youssef’s platforms to move money across borders, the exit carries an uncomfortable echo. Paxful’s collapse left many scrambling for alternatives. Whether NoOnes can sustain its trajectory without its founder, and what legal clouds may yet surface, remains uncertain.