The Bitcoin P2P exchange, LocalBitcoins, announced this Thursday (9) the end of its worldwide activities. Founded in 2012, the platform has been a reference in many countries, even those with censorship of the cryptocurrency market.
The announcement surprised fans of the platform, who are already looking for places that can accommodate them.
It is worth remembering that LocalBitcoins had approval from the authorities in Finland, where it was headquartered.
LocalBitcoins shuts down due to “crypto winter”
Founded 12 years ago, LocalBitcoins originally helped many people find a way to buy bitcoin around the world. With its P2P trading and an industry reference service, it didn’t take long for the platform to gain customers all over the world.
In Brazil, for example, many P2P traders used the platform to conduct their trades. Countries without access to many exchanges, such as Venezuela, maintained access to LocalBitcoins to buy and sell currencies.
In a note this Thursday, the brokerage stated that it is ending its bitcoin selling service, which it has maintained for more than 10 years. The reason for the end is the winter of cryptocurrencies, according to a message to the public.
“LocalBitcoins was originally created to bring Bitcoin everywhere and drive global financial inclusion. We have been living this mission for over 10 years and are proud of what we have achieved together with all of you, our loyal community. Therefore, we regret to inform you that regardless of our efforts to overcome the challenges during the very cold crypto winter, we have sadly concluded that LocalBitcoins can no longer provide its Bitcoin trading service.
Deadline for customers to withdraw
According to LocalBitcoins, all customers have 12 months to withdraw all funds deposited on the platform.
However, the team itself declares that it is best not to wait for the deadline and to proceed with withdrawals before the limit.
“We encourage all customers to withdraw their funds from LocalBitcoins and request that you continue to withdraw Bitcoins from your LocalBitcoins wallet. You have 12 months to record, but of course we recommend that you continue with the recording sooner.”
View the recording schedule:
09/02/2023 – Suspension of new registrations;
16-02-2023 – Suspension of trading on LocalBitcoins: Suspension of the use of the LocalBitcoins wallet (except for withdrawing funds);
After 17-02-2023, LocalBitcoins customers can only log in to withdraw their Bitcoins. Trading and portfolio services are no longer available at this time.
It is worth remembering that in Brazil, the Walltime brokerage also announced the end of its activities last Wednesday (8).
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
