LocalCryptos, a peer-to-peer (P2P) cryptocurrency exchange, has announced intentions to depart the market after five years of operation, becoming the latest victim of the prolonged bear market.
LocalCryptos said in a blog post published on October 21 that the planned termination of operations was voluntary. The exchange cited many reasons, including the broader crypto market implosion and regulatory uncertainty.
In addition, the exchange said that ‘personal health issues affecting the growth and development of the market’ led to the decision.
While none of them is the only basis for our choice, they are all compelling elements. LocalCryptos said that after weighing all possibilities and attempting other methods to keep the platform’s mission alive, the decision was reached to progressively terminate services and refer customers to other P2P networks.
Prior to the departure, the platform will operate normally until November 4. The exchange will also block the establishment of new accounts from that location, but current accounts will continue to function normally.
In addition, as on November 18, the ability to create new trades will be suspended. Still, services around LocalCryptos’ non-custodial online wallet interface will continue, and transactions may be conducted routinely after the date.
Notably, the exchange indicated that the LocalCryptos website for its wallet user interface will stay up forever.
Curiously, in the message, LocalCryptos warned its users to be aware of fraudsters who may use the scenario to swindle unwary victims.
The exchange commenced operations in October 2017 and has now registered about 400,000 members. The platform originally focused primarily on Ethereum (ETH) but subsequently included support for Bitcoin peer-to-peer trading.
It is important to note that the current crypto bear market has driven a number of operators to leave the industry. After ceasing operations, crypto lending platform Celsius Network, Voyager Digital, and Three Arrows Capital filed for bankruptcy.