LocalBitcoins To Shut Down After 10 Years

Due to the continuing bear market, LocalBitcoins is shutting down its bitcoin trading services, the exchange and ATM producer announced Thursday. 

LocalBitcoins, founded in 2012, said it has been unable “to overcome challenges during the ongoing very cold crypto-winter,” in an update on its website Thursday.

The company said it would be discontinuing sign-ups starting today and advised customers to withdraw funds as soon as possible. Clients have 12 months to remove funds from their wallets, the company said. 

Starting next week, customers will only be able to log in to the platform to withdraw bitcoins, the company added. 

The announcement comes after years of regulatory challenges for the company. Between 2014 and 2016, there were several allegations of LocalBitcoins users violating anti-money laundering laws, with two people pleading guilty in 2016. 

In 2015, LocalBitcoins discontinued operations in New York after failing to obtain a BitLicense from the state. 

The company did not provide an update about its bitcoin ATM business, which it started in April 2014.

This is a developing story.

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