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localbitcoins bitcoin btc btcusdt

LocalBitcoins Closes Trading Platform After A Decade Of Service

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Via an official statement, the popular peer-to-peer (P2P) crypto trading platform LocalBitcoins announced the discontinuation of its service. The company claims that the persistent downside pressure in the crypto market negatively impacted its service capacity.

Related Reading: Shiba Inu Tops Crypto Market In This Metric
Bitcoin LocalBitcoins
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview

LocalBitcoins Joins The List Of Fallen Companies

LocalBitcoins was created ten years ago as one of the industry’s first peer-to-peer Bitcoin trading platforms. The platform enjoyed high popularity and adoption due to its low transaction fees, community, non-custodial wallet, and ability to trade anonymously. The exchange stated:

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 latter feature was changed due to regulatory pressures that forced LocalBitcoins to impose a Know Your Customer (KYC) policy on its users. The decision that came into effect around 2019 was controversial and drove some customers to the company’s competitors.

As seen in the chart below, since its inception LocalBitcoins has seen an exponential increase in its trading volume. The metric dropped from 2018 to 2019 when the new KYC policy was implemented, and the crypto market underwent a crypto winter, similar to the current conditions.

LocalBitcoins BTC BTCUSDT Chart 1
LocalBitcoins Transaction Volume. Source: Anacoinda via GitHub

According to the official announcement, the platform will stop new users from signing up for their platform from today. On February 16th, trading will be suspended along with the LocalBitcoins wallet.

Old users will still have access to their funds and the wallet, but only to withdraw them. The company will maintain this service for a year giving users time to take out their funds and send them to an external wallet. The company stated:

We encourage all customers to withdraw their funds from LocalBitcoins and we ask you to proceed with withdrawing the Bitcoins from your LocalBitcoins wallet. You have 12 months to withdraw, however of course we encourage you to proceed withdrawing sooner.

Related Reading: AI War: Tron DAO Secures $100-M For AI Project, After ChatGPT And Google Push

The P2P exchange is one of many crypto companies forced to halt operations during the crypto winter. The P2P crypto exchange LocalCryptos shut down in 2022, citing unfavorable market conditions.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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