Localbitcoins has closed down - impact

[newNomad]

We are therefore sad to share, that 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.

We encourage all customers to withdraw their funds from LocalBitcoins and we ask you to proceed with withdrawing the Bitcoins from your LocalBitcoins wallet. You have 12 months to withdraw, however of course we encourage you to proceed withdrawing sooner.

Thank you for being a part of the LocalBitcoins family! It has been our honor and pleasure to serve you over the last decade.

Timeline for discontinuing the Bitcoin trading service:

• 2023-02-09 Suspension of new signups
• 2023-02-16
  • Suspension of trading on LocalBitcoins
  • Suspension of using LocalBitcoins wallet (with exception of withdrawing one's funds)

After 16th Feb 2023, LocalBitcoins customers will only be able to log-in to withdraw their Bitcoins. The trading and Wallet services will no longer be available at this point.


Sorry to share bad news 🙁 Discussion is open for: whys, what it really means, what's next to happen, which crypto businesses are at risk etc.

 

[bb8]

I would really really like to why both LocalCryptos and LocalBitcoins closed just randomly - LocalCryptos gave no reason why and LocalBitcoins stated it was because 'lack of use' which to be honest, I think is complete bulls**t.

If anyone has any ideas on why that would be appreciated!

 

[countryfree]

I guess they had too many issues with scammers, and people reporting issues.

 

[JackAlabama]

bb8 said:
I would really really like to why both LocalCryptos and LocalBitcoins closed just randomly - LocalCryptos gave no reason why and LocalBitcoins stated it was because 'lack of use' which to be honest, I think is complete bulls**t.

If anyone has any ideas on why that would be appreciated!
Click to expand...

add paxful to the mix. Gone as well since recently.

 

[troubled soul]

Most are doing some sort of illegal things ...they fear of jail so they shut the shop....Most have low KYC rule....even kid can bypass them....No wonder all are going shut down one by one

 

[MiltonStone]

Washing money is not legal and easy any longer, that's why they had to shut down their service!

 

[sharklasers]

To control own savings isn't easy and at some point could become illegal (Executive Order 6102), that's why.