LocalBitcoins closes down the P2P crypto exchange service

LocalBitcoins’ customers have 12 months to withdraw their cryptocurrencies from the LocalBitcoins wallet but are advised to do so immediately.

Finland-based peer-to-peer (P2P) cryptocurrency platform LocalBitcoins is shutting down operations after serving its customers for more than 10 years.

LocalBitcoins officially announced termination of services on Feb. 9, citing tough market conditions of the ongoing cryptocurrency winter.

“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 firm said.

LocalBitcoins encouraged all customers to withdraw their crypto assets from the platform, asking to proceed with withdrawing Bitcoin (BTC) from the LocalBitcoins wallet. According to the announcement, users will be able to withdraw crypto assets from LocalBitcoins within 12 months. “However, of course we encourage you to proceed with withdrawing sooner,” the firm noted.

This is a developing story, and further information will be added as it becomes available.