LocalBitcoins to shut down after 10 years in cryptomarket

Based upon the “ongoing very cold crypto-winter,” the Peer-to-peer Bitcoin exchange LocalBitcoins announced it will stop operation beginning Thursday.

LocalBitcoins, is looked upon as one of the earliest and most popular Bitcoin exchanges. The service and business will stop after more than ten years of operation.

The platform also said that it was “proud of what we have achieved together with all of you, our loyal community,” but that it can no longer provide its service due to the “challenges during the ongoing very cold crypto-winter.”

LocalBitcoins shared a timeline for its service closures, beginning with a suspension of new signups today and followed by the ending of trading and deposits on February 16.

After February 17, the only thing LocalBitcoins users will be able to do is withdraw their Bitcoin from their wallets. They will have 12 months to do so.