LocalBitcoins shuts down after a decade in operation

Crypto Ecosystems • February 9, 2023, 7:43AM EST
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Quick Take

  • Peer-to-peer bitcoin trading service LocalBitcoins is shutting down.
  • The platform cited market conditions as the main reason.

Peer-to-peer bitcoin trading service LocalBitcoins is closing down after a decade in operation.

"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," the platform said today in a statement.

The platform offered users the ability to buy and sell bitcoin directly with other users, whether in person or online. Originally it didn't require KYC information, but this was later introduced in light of regulations.

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LocalBitcoins has suspended new sign ups today and will suspend trading and using its wallet — except for making withdrawals — on Feb. 16. Customers will have 12 months to withdraw their funds from the platform.


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Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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