The P2P crypto platform, LocalBitcoins with over 10 years of presence in the market announced shutting down its services. Being one of the earliest in the business, LocalBitcoins, functioned as a peer-to-peer exchange, and while making its decision public, said it had a loyal community and was proud of what it achieved with its community.
LocalBitcoins revealed that it has been on the wheels of meeting the challenges in the market, however, it can no longer due to the crypto market downturn. “We are sad to share that regardless of our efforts to overcome various challenges during the ongoing very cold crypto winter, during which our volumes and market share have continued to decline. We’ve regretfully concluded that LocalBitcoins can no longer provide a Bitcoin trading service,” LocalBitcoins said.
LocalBitcoins founder Jeremias Kangas, launched the platform in 2012 matching Bitcoin buyers with sellers following an escrow model. The platform in years of service onboarded users from 189 countries. The platform in 2021 updated its crypto offerings to include Altcoins like Dogecoin and Cardano.
The firm has asked users to withdraw their funds from the platform between a 12 months window. New signups have been suspended while trading and deposits will be closed on February 16. Moving forward from February 17th users can only withdraw their funds without engaging another trading service in the platform.
“We encourage all customers to withdraw their funds from their LocalBitcoins wallets in the next 12 months. We will continue to actively communicate this message to all our customers, sending several reminders in the coming months,” LocalBitcoins.
Before the LocalBitcoins announced coming to a halt, it didn’t stop releasing features, engaging users, and making a public post on the platform. LocalBitcoins released a new feature (One-click BTC purchase) on January 22nd, shared a milestone of being rated 4.8 starts on Trustpilot by 60,000+ customers on 26th January, and updated its new letters on January 31st
LocalBitcoins customer service will continue to function assisting users who may need them.
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