Bitcoin trading platform LocalBitcoins is shutting down this month due to the “very cold crypto winter”.
Helsinki-based LocalBitcoins is one of the most established bitcoin exchanges in the cryptocurrency industry. In the last four months, the stock market, which started its activities 10 years ago, Average weekly trading volume of $5-7 million existed.
This number is very small compared to a few years ago. According to CoinDance data, LocalBitcoins Transaction volumes exceeding $100 million per week it was reaching.
The statement made by LocalBitcoins management is as follows:
“We regret to share that, although we are trying to cope with the challenges posed by the very cold crypto winter, we have decided that LocalBitcoins will no longer be able to offer bitcoin trading.”
LocalBitcoins users will be able to continue trading on the stock market until February 16. After this date, users will be able to log in to their accounts only to withdraw their crypto money on the stock market.
LocalBitcoins is used to buy bitcoins in a peer-to-peer (P2P) manner using traditional bank transfers or cash.