The announcement comes after a chaotic year (2022) for the crypto industry.
LocalBitcoins weekly volumes have dropped sharply from highs recorded in 2017.
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 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 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.
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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