LocalBitcoins Crypto Exchange Will Be Closed

[Suba]

Localbitcoins.com is a well-known p2p crypto exchange based in Helsinki and founded by Jeremias Kangas in 2012. The Localbitcoins crypto exchange is well-known in several countries such as Russia, Colombia and Venezuela, transactions in these three countries exceed 42% of the total transaction volume. Until now Localbitcoins has more than 9 million users spread across almost all countries.

LocalBitcoins runs a decentralized service operating system, by bringing together crypto buyers and sellers, the crypto they trade is held in escrow until both parties confirm their transaction.

Yesterday Feb9, 2023, the LocalBitcoins site announced that their service would be shutting down in the coming weeks.
From Feb 17, 2023 it is expected that all users will withdraw their funds.

 

[Carson20t]

Thank you for sharing this thread and I also wanted to put the word out there as to why a lot of platforms are taking this turn. Local bitcoin, local crypto, and airtm cryptocurrency features are going to if not they already have been disabled. This is quite alarming as to what is the future of cryptocurrency as a legal tender. There seems to be a sense of losing credibility for its value because of the happenings which was a bombshell.FTX, TERA LUNA and other scandals hit big on a lot of people who seem not to understand why the value just vanished like that of a coin that seemed to be promising with such potential and a huge future.

 

[iyanpol12]

Localbitcoins.com is a well-known p2p crypto exchange based in Helsinki and founded by Jeremias Kangas in 2012. The Localbitcoins crypto exchange is well-known in several countries such as Russia, Colombia and Venezuela, transactions in these three countries exceed 42% of the total transaction volume. Until now Localbitcoins has more than 9 million users spread across almost all countries.

LocalBitcoins runs a decentralized service operating system, by bringing together crypto buyers and sellers, the crypto they trade is held in escrow until both parties confirm their transaction.

Yesterday Feb9, 2023, the LocalBitcoins site announced that their service would be shutting down in the coming weeks.
From Feb 17, 2023 it is expected that all users will withdraw their funds.

Thank for sharing this. Local Bitcoins is one of the oldest cryptocurrencies. I even forgot about this exchange. At least, it didn't shut down like what happened on FTX.

 

[saoussen5765]

May be there is some legal issues they where facing or they will make a new release because it happens that a website is closing himself for new release that correspond to the new changes of the cryptocurrency.

 

[Chibson]

Good, I think there is some level of transparency in this particular cryptocurrency trading platform. The informed users early and they will probably allow everyone to withdraw all their money unlike what happened to some crypto exchange platforms.

 

[nomad]

I started using localbitcoins a long time ago when withdrawing crypto as fiat currency was not available to me. However, I have not used it for a long time because I do not withdraw as fiat. I was not aware of this recent development.

 

[Chibson]

The platform is actually transparent enough to make the announcement. There are some exchanges that will run away with people's money.