LocalBitcoins closes down P2P crypto exchange service
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Loading... - Orla Quinn
- 16 Feb 2023
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LocalBitcoins’ customers have 12 months to withdraw their cryptocurrencies from the LocalBitcoins wallet but are advised to do so immediately.
Finland-based peer-to-peer (P2P) cryptocurrency platform LocalBitcoins is shutting down operations after serving its customers for more than 10 years.
LocalBitcoins officially announced the termination of services on Feb. 9, citing the tough market conditions of the ongoing cryptocurrency winter.
“Regardless of our efforts to overcome challenges and turn our trade volumes and declining market share back to growth, we have regretfully concluded that LocalBitcoins can no longer provide its Bitcoin trading service,” LocalBitcoins CEO Nikolaus Kangas told Cointelegraph. At the time of the announcement, LocalBitcoins’ team had 50 employees.
LocalBitcoins encouraged all customers to withdraw their crypto assets from the platform, asking them to proceed with withdrawing Bitcoin BTC from the LocalBitcoins wallet. According to the announcement, users can withdraw crypto assets from LocalBitcoins for 12 months. “However, of course, we encourage you to proceed with withdrawing sooner,” the firm noted.
According to the termination timeline, LocalBitcoins will immediately suspend all new registrations from Feb. 9. Trading will be suspended Feb. 16, while after that date users will only be able to login into the wallet to withdraw their funds. Read More…
