- LocalBitcoins peer-to-peer (P2P) crypto platform to shut down
- The Finland-based bitcoin trading service has been operating for over 10 years.
- The team cites a tough crypto winter as the reason the exchange is calling it a day.
LocalBitcoins, a peer-to-peer (P2P) cryptocurrency exchange is counted as one of the oldest crypto platforms in the world. announced that it is closing.
LocalBitcoins Shut Down After Crypto Winter
A notification from the Finland-based P2P platform sent to customers on Thursday said services will be discontinued from February 9, 2023, after which customers will have up to 12 months to withdraw their funds.
According to the LocalBitcoins team, the decision to shut down Bitcoin The trading service deals with the challenges that the crypto market has faced in the midst of a “very cold crypto winter”.
,Despite our efforts to overcome the challenges during the ongoing extremely cold crypto-winter, we regretfully conclude that LocalBitcoins can no longer provide its bitcoin trading service.P2P trading provider said.
Clients are thus encouraged to withdraw their funds from the exchange, and although LocalBitcoins will make this process available for the next twelve months, it has advised clients to begin doing so immediately.
The shutdown begins today, February 9, 2023 with new sign ups being halted, while trading will be suspended on February 16, 2023. The platform will also close its wallet next week, allowing only withdrawals.