The largest P2P platform LocalBitcoins announced the closure

LocalBitcoins is a peer-to-peer Bitcoin exchange based in Finland. According to a brief announcement published on February 9th, customers are advised to withdraw their funds from LocalBitcoins wallets as soon as possible.

"Despite our efforts to overcome the challenges during the ongoing very cold crypto winter, we have sadly come to the conclusion that LocalBitcoins can no longer provide its Bitcoin trading services."

Based on LocalBitcoins' shutdown schedule, the company suspends new registrations after the announcement. By February 16th, the exchange plans to halt all trading and the use of the LocalBitcoins wallet.

After this point, customers will only be able to log in and withdraw their funds. The company stated that customers have 12 months to empty their LocalBitcoins wallets. However, the firm encouraged customers to "begin the withdrawal process earlier."

The end of the peer-to-peer Bitcoin exchange comes shortly after the US Financial Crimes Enforcement Network (FinCEN) named LocalBitcoins as one of the largest senders of BTC to the Russian-associated crypto exchange Bitzlato.

International authorities initiated several investigations into the crypto exchange. In late January, Europol seized over 19 million dollars (18 million euros) worth of cryptocurrency from wallets linked to Bitzlato and "disrupted the digital infrastructure of the service in France."