LocalBitcoins to shut down peer-to-peer (P2P) crypto platform
Finland-based Bitcoin trading service has been in operation for over 10 years.
The team cites a difficult crypto winter for the reason the exchange is calling it a day.
LocalBitcoins, a peer-to-peer (P2P) cryptocurrency exchange that counts as one of the oldest crypto platforms in the world, has announced that it is shutting down.
LocalBitcoins shuts down following crypto winter
A notification the Finland-based P2P platform sent to customers on Thursday says services will be discontinued beginning 9 February 2023, with customers then having up to 12 months to withdraw their funds.
Per the LocalBitcoins team, the decision to shut down the Bitcoin trading service relates to the challenges that have befallen the crypto market amid a “very cold crypto winter.”
“Regardless of our efforts to overcome challenges during the ongoing very cold crypto-winter, we have regretfully concluded that LocalBitcoins can no longer provide its Bitcoin trading service,” the P2P trading provider noted.
Customers are thus being encouraged to withdraw their funds from the exchange, and although LocalBitcoins will make this process available for the next twelve months, it has advised that customers begin doing so immediately.
The shutdown starts with a halt to new sign ups as from today, 9 February 2023, while trading will be suspended on 16 February 2023. The platform will also discontinue its wallet next week, with only withdrawals allowed.
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