Last updated on February 27th, 2023 at 07:06 am
One of the pioneers of peer-to-peer bitcoin cryptocurrency exchange LocalBitcoins will shut down its services beginning February 9, 2023
Founded by Jeremias Kangas in June 2012 in Finland, LocalBitcoins in a newsletter titled, “LocalBitcoins service is discontinued,” the P2P platform cited unfavourable crypto market conditions despite its mission to “Bring Bitcoin everywhere and drive global financial inclusion.”
What to do if you have coins in LocalBitcoins Wallet
The management of the P2P platform encouraged all users to their funds from LocalBitcoins wallet.
It however gives its users a 12-month duration for users to withdraw their Bitcoins from the wallet.
According to a statement by the company, new signups on LocalBitcoins has been suspended at the time of publication (2023-02-09)
Suspension of trading on the platform will be effective February 16, 2023, but customers will still be able to withdraw from their wallets.
Personal Experience with LocalBitcoins
In 2014 when I was interested in Bitcoin trading, LocalBitcoins was my first stop. I successfully completed a couple of trades (buying and selling) on the platform.
It was an incredible 10 years of operation. LocalBitcoins really did so much for Bitcoin.