Tuesday, September 26, 2023
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HomeBusiness & StartupsP2P Bitcoin exchange platform LocalBitcoins is shutting down in Kenya and everywhere...

P2P Bitcoin exchange platform LocalBitcoins is shutting down in Kenya and everywhere else

Peer-to-peer Bitcoin exchange platform LocalBitcoins is shuttering after a decade of operations.

The platform, based in Helsinki, Finland, has global operations and its footprints extended to Kenya.

A curious case of theft, attributed to users on the platform from a few years ago confirms that platform’s active usage in the country.

“Originally LocalBitcoins was established to Bring Bitcoin Everywhere and drive global financial inclusion. We have honored that mission for over 10 years and we are proud of what we have achieved together with all of you, our loyal community,” a statement by LocalBitcoins posted on its website says.

“We are therefore 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.”

“We encourage all customers to withdraw their funds from LocalBitcoins and we ask you to proceed with withdrawing the Bitcoins from your LocalBitcoins wallet. You have 12 months to withdraw, however of course we encourage you to proceed withdrawing sooner,” the statement continues.

LocalBitcoins suspended new signups on 9th February.

Yesterday, it suspended trading on its platforms and disabled usage of its wallet save for cases where users were making withdrawals.

From today henceforth, trading and wallet services are not available with users only able to log in to withdraw their Bitcoins.

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