LocalBitcoins.com, one of the world’s oldest and most trusted peer-to-peer Bitcoin trading platforms, has officially ceased operations, marking the end of an era in the crypto community.
In a notice to its former users, LocalBitcoins has strongly urged everyone with remaining balances on the platform to log into their accounts immediately and submit withdrawal requests to secure their assets.
“If you still have funds on LocalBitcoins, act now to ensure the safe transfer of your cryptocurrency holdings,” the platform advised.
Urgent Action Required for Remaining Funds
The company emphasized the importance of prompt action to prevent any loss of funds, as operational support may not be indefinitely available. Users needing assistance with the withdrawal process are encouraged to visit LocalBitcoins.com and contact customer service for guidance.
The shutdown follows LocalBitcoins’ announcement made back in February 2023, when the platform cited challenges in the changing global crypto environment and increasing regulatory pressures as reasons behind the decision to close.
About LocalBitcoins
Founded in 2012 and based in Helsinki, Finland, LocalBitcoins was a trailblazer in peer-to-peer Bitcoin trading, providing a safe and user-friendly platform where individuals worldwide could buy and sell Bitcoin directly with each other.
Before its closure, LocalBitcoins enjoyed massive popularity, particularly in emerging markets such as Africa, Latin America, and Russia, where users relied on the platform to navigate restrictive banking systems and local currency devaluation.
At its peak, LocalBitcoins outpaced major competitors like Paxful and Binance P2P in many regions, becoming synonymous with decentralized Bitcoin access.
However, as the crypto industry evolved, rising compliance requirements, growing competition from newer platforms, and broader shifts in user preferences contributed to its decline.
Key Takeaways
- LocalBitcoins has shut down — users must withdraw funds immediately.
- Support is available via LocalBitcoins.com for those needing assistance.
- The closure officially ends the platform’s pioneering 10-year role in global Bitcoin peer-to-peer trading.
