LocalBitcoins announced its closure on Thursday (Feb. 9, 2023) in a statement that cited its inability to handle the bear market that is shaking the sector.
As a result, the site will stop accepting new users on February 9 and stop offering trading and wallet services on February 16.
As a result, the well-known P2P cryptocurrency trading platform, which a few years ago added a number of altcoins to its fleet, becomes the latest casualty of the bear market.
In addition to the numerous bankruptcies that some failing businesses filed, other businesses also had to deal with worker reductions. In the last year or so, a number of exchanges, including some of the most well-known brands, such as Coinbase, Bybit, Huobi, etc., had to let go of thousands of people.
Even though bitcoin and many other cryptocurrencies have seen significant price increases since the beginning of the year, some businesses nonetheless had to make cuts.