Goodbye LocalBitcoins, the Platform Closes Permanently

It is with regret that we announce the end of LocalBitcoins’ operations. The bear market has claimed many victims, and this peer-to-peer exchange platform is now added to that list. LocalBitcoins has announced the closure of its operations this Thursday, February 9th and is asking its customers to withdraw their funds.

LocalBitcoins bows out after 10 years

After ten years of service, LocalBitcoins has unfortunately had to close its doors due to losses incurred during the latest crypto market crisis. Founded in 2012 by Jeremias Kangas, a Finn, the platform operated seamlessly from its inception until its recent closure.

In its statement, the company announced its intention to end its operations. The platform urged the public to withdraw their funds from the platform within seven days, during which time all trading and exchanges will be halted, with the exception of withdrawals which will be possible for a period of twelve months.

We urge all our customers to withdraw their funds from LocalBitcoins. Although you have 12 months to withdraw your funds, we encourage you to do so as soon as possible.

From the press release

LocalBitcoins succumbs to bear market crisis

In its Twitter post, LocalBitcoins says the platform didn’t weather the crypto winter and was dragged down.

LocalBitcoins had a very successful 2017/2018. Unfortunately, the bear market was the final straw for the company, which had already started to experience difficulties. Multiple laundering cases related to some of its users in 2019 also hurt its appeal to the public. The company was forced to register with the Financial Supervisory Authority in Finland to clean up its image.

LocalBitcoins has failed to hold up to the current waves in the crypto market. This is sad news for the crypto world, as it has been a strong supporter of Satoshi Nakamoto’s promise by enabling peer-to-peer BTC exchanges. Goodbye LocalBitcoins!