Breaking: LocalBitcoins To Close Service, Crypto Community Distraught
LocalBitcoins News: On Thursday, Bitcoin exchange platform LocalBitcoins announced that it was closing down its service. This update was a disappointment for long-time Bitcoin traders, as the service has been available for the past ten years. The platform stated that the current crypto winter was causing severe market conditions and led to the decision to discontinue the service. It stated that the platform had made the decision to discontinue the service due to declining volumes and market share in the crypto winter.
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Customers have 12 months to withdraw funds from their wallets through the platform. In the announcement, the company stated that the current market situation was not favorable for any recovery. The platform has a customer base of over 8 million and is available in more than 190 countries. The closing of one of the most popular Bitcoin marketplace platforms is deeply felt by the crypto community.
“Despite our efforts to overcome many challenges during the ongoing, very frigid crypto winter, during which volumes and market share continued to decline, LocalBitcoins has regretfully concluded that it can no longer offer a trading service.”
Your loyalty is unmatched
We cannot express our deep gratitude for each of the memories you shared and your kind support.
We will always be proud to share this journey with you. Things can change, but keep this in mind:
It is impossible to rewrite history.
— LocalBitcoins, @LocalBitcoins, February 9, 2023
On the other hand, LocalBitcoins is closing to eliminate operational risks in the current environment. LocalBitcoins was mentioned by the Financial Crimes Enforcement Network’s (FinCEN), in relation to Bitzlato transactions. LocalBitcoins was mentioned in the FinCEN document as one of Bitzlato’s top three counterparties. In the FinCEN document, the Bitcoin exchange platform was described in terms of a Virtual Asset Service Providers (VASP) based in Finland.
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.