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- LocalBitcoins, a popular peer-to-peer Bitcoin exchange, will shut down its operations after more than 10 years of serving customers.
- The decision was made due to the ongoing crypto winter, despite efforts to overcome challenges.
- New signups will be suspended starting February 10, and trading and deposits will be halted on February 16th. Users have 12 months to withdraw their Bitcoin but are advised to do so immediately.
As of today, February 10, 2023, one of the earliest and most popular peer-to-peer Bitcoin exchanges LocalBitcoins will shut down and stop its operations after more than 10 years of serving its customers. According to them, the decision was made due to the still ongoing crypto winter.
“Originally LocalBitcoins was established to Bring Bitcoin Everywhere and drive global financial inclusion. We have honored that mission for over 10 years and we are proud of what we have achieved together with all of you, our loyal community. We are therefore sad to share that 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 platform said in a statement.
Following this news, LocalBitcoins shared a timeline for its service closures. On February 1o, new signups will be suspended; then, trading and deposits will be halted on February 16th. After February 17, users will only be able to withdraw their Bitcoin from their wallets–they have 12 months to do so but are advised to withdraw immediately.
What is LocalBitcoins.com?
LocalBitcoins was established in June 2012 by Jeremias Kangas in Helsinki, Finland. Unlike the new and current exchanges, it operated as a decentralized service similarly to sites such as eBay or Craigslist, where it matches Bitcoin buyers and sellers, with the coins held in escrow until both parties confirmed the transaction.
In July 2020, the platform also added surveillance tools from blockchain firm Elliptic. After a year, in 2021, LocalBitcoins expanded beyond Bitcoin as it started to offer users access to altcoins like Dogecoin and Cardano.
This article is published on BitPinas: End of an Era: LocalBitcoins Ceases Operations Amid Crypto Winter
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.