bitcoin (BTC/USD) peer-to-peer (P2P) exchange LocalBitcoins has today released a service termination statement Stating that it is set to shut down this month due to the “ongoing very cold crypto winter”.
The Helsinki-based exchange has been in service for the last 10 years making it the longest serving and Best P2P Cryptocurrency Exchange, It offered a very simple bitcoin on-ramp and off-ramp as it allowed people to buy and sell BTC in their local currencies through traditional bank transfers, online payment services, and cash deals. Being a P2P exchange, people buy and sell bitcoins to each other on the platform at favorable market prices.
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local bitcoin crisis
LocalBitcoins’ trading volume remains average $5 million and $7 million in the last four monthsRepresents a significant decline from its previous volume of $100 in 2017.
has been though Banned in Russia since October 2020 The Russian telecommunications services regulator blocked it from launching services in the country.
In its closing statement, the exchange said:
“It is therefore with sadness that we share that despite our efforts to address the challenges during the ongoing very cold crypto-winter, we have concluded with regret that LocalBitcoins can no longer provide its bitcoin trading service We encourage all customers to withdraw their money from LocalBitcoins and we ask you to go ahead with withdrawing Bitcoins from your LocalBitcoins wallet. You have 12 months to withdraw, but of course we will We encourage you to continue with early withdrawals.
The exchange will shut down on February 16, just two days after Valentine’s, after which customers will have 12 months to withdraw their crypto assets. So the exchange will be open for the next 12 months but only for users to login and withdraw but not to buy or sell.
The decline in LocalBitcoins comes at a time when many crypto firms are facing tough times due to liquidity issues. FTX crypto exchange collapse Which affected a lot of crypto businesses around the world.
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