Peer-to-peer bitcoin trading platform LocalBitcoins will be shutting down its services after more than a decade of operations.
The announcement makes LocalBitcoins the latest victim of the ongoing crypto winter.
- In a statement published on Thursday (February 9, 2023), LocalBitcoins said it would be shutting down due to its inability to cope with the bear market that shook the industry.
“It is therefore with sadness that we share that despite our best efforts to address the challenges during the ongoing very cold crypto-winter, we have concluded with regret that LocalBitcoins can no longer provide its bitcoin trading service. “
- As a result, the platform will suspend new signups on February 9th and also halt trading and wallet services on February 16th.
- Thus, the popular P2P crypto trading platform, which added several altcoins to its fleet a few years back, has become the latest victim of the bear market.
- In addition to the many bankruptcies filed by many of the fallen companies, others were faced with downsizing their workforce. Several exchanges including some of the most prominent names like Coinbase, Bybit, Huobi, etc. had to lay off thousands of employees over the past year.
- Even though bitcoin and many altcoins have posted impressive gains since the beginning of the year, many firms have had to take the cut.
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source: cryptopotato.com
