After serving its customers for more than 10 years, Finland-based peer-to-peer (P2P) cryptocurrency platform LocalBitcoins is shutting down operations.
Established with a mission to bring Bitcoin to everyone and drive global financial inclusion, LocalBitcoins which has been serving its community for over a decade has seemingly failed to overcome challenges during the ongoing crypto winter.
Why LocalBitcoins is Shutting Down
“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 firm said.
In a press release, LocalBitcoins encouraged its customers to withdraw their funds from the platform and proceed with withdrawing their Bitcoins from the LocalBitcoins wallet. Customers have 12 months to complete this process, but the company encouraged them to do so sooner.
The suspension of new sign-ups will take place on 2023-02-09 and trading on LocalBitcoins will be suspended on 2023-02-16. After 2023-02-17, customers will only be able to log in to withdraw their Bitcoins, as the trading and wallet services will no longer be available.
In the press release, LocalBitcoins expressed its pride in what it has achieved with its loyal community over the last decade. The company stated that it has been an honor and a pleasure to serve its customers and thanked them for choosing LocalBitcoins for all these years.
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