Popular peer-to-peer bitcoin trading platform LocalBitcoins is shutting down after a decade in operation.
The Helsinki-based company, which allows users to match and trade bitcoins, has struggled to overcome the challenges of the ongoing bear market and has finally decided to stop offering bitcoin trading services. . The company requires customers to withdraw funds for up to 12 months.
The service shutdown schedule includes a suspension of new registrations on February 9, and a suspension of trading and wallet services on February 16.
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Users can only withdraw funds after February 17th. Founded in June 2012, LocalBitcoins is a veteran of the crypto industry.
Unlike other centralized exchanges like Coinbase, LocalBitcoins operates as a decentralized service similar to sites like Craigslist or eBay.
The platform previously offered direct cash transactions, but the feature had to be removed in June 2019 due to regulatory pressure that made it attractive to criminals.
In July 2020, the platform also added monitoring tools from blockchain firm Elliptic.
- Raging hyperinflation leaves Venezuela and Colombia accounting for 23.6% of Bitcoin peer-to-peer volume on LocalBitcoins
- LocalBitcoins Further Strengthens Compliance with Elliptic Blockchain Monitoring Tool
According to USA Today