The announcement comes after a chaotic year (2022) for the crypto industry.
LocalBitcoins weekly volumes have dropped sharply from highs recorded in 2017.
FM
LocalBitcoins, a Finland-based peer-to-peer (P2P) Bitcoin (BTC) exchange
founded in June 2012, has announced the timeline for the closure of its
Bitcoin trading services. The exchange announced the development on
Thursday in a statement on its website.
The operator noted that LocalBitcoins can no longer provide its BTC trading services as its efforts to weather “the ongoing very crypto winter” has been
futile. The announcement comes after a chaotic 2022 saw the crypto
industry battle with the collapse of several crypto projects, including the once-leading Bahamas-based crypto exchange, FTX.
Due to a prolonged crypto winter or sustained
declining prices of digital assets and other factors, the market capitalization
of the cryptocurrency industry collapsed, dropping by 64.1% from $2.3 trillion
at the start of last year to $829 billion by year-end.
“We are 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,” LocalBitcoins announced.
Data from CoinDance shows that LocalBitcoins has been generating between $5 million to $10 million in weekly volumes in the past few months, which is in sharp contrast to its peak periods in 2017 when it generated over $100 million weekly in trading volumes.
LocalBitcoins' weekly volume between 2013 and early 2023. SOURCE: Coin Dance.
LocalBitcoins Gives 12 Months Withdrawal Period
In preparation for its closure, LocalBitcoins has encouraged all its customers to
withdraw their funds on its platform within the next 12 months or earlier. This
is even as P2P BTC exchange announced the suspension of new signs up on its platform on Thursday.
Furthermore, the company noted that it will halt BTC trading on its platform
on the 16th of this month and bar the use of the platform’s wallets on the same day. However, the wallets will be available for the withdrawal of funds, LocalBitcoins said.
In addition, starting from 17th January 2023, LocalBitcoins' customers
will only be able to login into the platform to withdraw their Bitcoins as the
trading and wallet services will no longer be available from the same date.
Meanwhile, Finance Magnates reported in 2021 that Venezuelan authorities detained two scammers over their alleged involvement in a $136,000 scam committed through LocalBitcoins.
LocalBitcoins, a Finland-based peer-to-peer (P2P) Bitcoin (BTC) exchange
founded in June 2012, has announced the timeline for the closure of its
Bitcoin trading services. The exchange announced the development on
Thursday in a statement on its website.
The operator noted that LocalBitcoins can no longer provide its BTC trading services as its efforts to weather “the ongoing very crypto winter” has been
futile. The announcement comes after a chaotic 2022 saw the crypto
industry battle with the collapse of several crypto projects, including the once-leading Bahamas-based crypto exchange, FTX.
Due to a prolonged crypto winter or sustained
declining prices of digital assets and other factors, the market capitalization
of the cryptocurrency industry collapsed, dropping by 64.1% from $2.3 trillion
at the start of last year to $829 billion by year-end.
“We are 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,” LocalBitcoins announced.
Data from CoinDance shows that LocalBitcoins has been generating between $5 million to $10 million in weekly volumes in the past few months, which is in sharp contrast to its peak periods in 2017 when it generated over $100 million weekly in trading volumes.
LocalBitcoins' weekly volume between 2013 and early 2023. SOURCE: Coin Dance.
LocalBitcoins Gives 12 Months Withdrawal Period
In preparation for its closure, LocalBitcoins has encouraged all its customers to
withdraw their funds on its platform within the next 12 months or earlier. This
is even as P2P BTC exchange announced the suspension of new signs up on its platform on Thursday.
Furthermore, the company noted that it will halt BTC trading on its platform
on the 16th of this month and bar the use of the platform’s wallets on the same day. However, the wallets will be available for the withdrawal of funds, LocalBitcoins said.
In addition, starting from 17th January 2023, LocalBitcoins' customers
will only be able to login into the platform to withdraw their Bitcoins as the
trading and wallet services will no longer be available from the same date.
Meanwhile, Finance Magnates reported in 2021 that Venezuelan authorities detained two scammers over their alleged involvement in a $136,000 scam committed through LocalBitcoins.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
Dormant Silk Road-Linked Crypto Wallets Come Back to Life With $3M in Bitcoin Transfers
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Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
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Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
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In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
Marketing in 2026 Audiences, Costs, and Smarter AI
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As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Fail Better Trading Tech to Tackle Industry Risks
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Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
