LocalBitcoins will close its operations permanently

The platform announced the cessation of its operations as of February 17

LocalBitcoins, a cryptocurrency exchange based in Helsinki, Finland, announced its final closure effective February 17. The company, which was founded in 2012, has been one of the main platforms for buying and selling Bitcoin locally.

The announcement has been received with surprise by the cryptocurrency community and has generated uncertainty among investors, who were called to withdraw their funds from the platform.

The interruption of the commercial service and the use of the wallet (except for making withdrawals) will take place on the 16th of this month. Starting the next day, customers will only be able to connect to LocalBitcoins and the integrated wallet to withdraw their funds.

LocalBitcoins has been a popular platform for investors looking for an alternative to traditional stock exchanges, as it allowed Bitcoin to be bought and sold directly without intermediaries.

In a press release, the company stated that the decision to close its operations was due to a number of factors, including increasing regulation.

K. Tovar

Source: Beincrypto

(Reference image source: André François McKenzie, Unsplash)

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