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 the termination of services on Feb. 9, citing the 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 them to proceed with withdrawing Bitcoin (BTC) from the LocalBitcoins wallet. According to the announcement, users can withdraw crypto assets from LocalBitcoins for 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.