localbitcoins closing

[flowkey]

incase you are not aware local bitcoin just annouce they are closing and customers should withdraw thier funds. but i will surgest if you have funds in their wallet to get it out asap. they also mention in thier email they will disable signup 16th of this month.

 

[stephan89]

one of the very bad news

 

[woguojun]

Yes
Which wallet do you recommend

 

[SecuredNet]

RiP
Localbitcoins
2012 - 2023

 

[Scorpion Ghost]

Why now? Isnt crypto kicking lately?

Besides, doesnt localbitcoins just take a cut from fees or members upgrades?

I mean, it cant cost that much to run the site. Should be a cash cow easy.

 

[flowkey]

one of the very bad news

indeed it is

Yes
Which wallet do you recommend

hardware or paper wallet is safer

Why now? Isnt crypto kicking lately?

Besides, doesnt localbitcoins just take a cut from fees or members upgrades?

I mean, it cant cost that much to run the site. Should be a cash cow easy.

Might be liquidity issue. i think FTX has shown the world exactly what is happening behind the scenes for large crypto trading platforms.

 

[Daemon Targaryen]

Why now? Isnt crypto kicking lately?

Besides, doesnt localbitcoins just take a cut from fees or members upgrades?

I mean, it cant cost that much to run the site. Should be a cash cow easy.

Too much regulatory pressure on top of competition like cryptolocally and binance p2p who are killing them. Not to mention localbitcoins doesnt offer other coins. Their biggest markets were Venezuela and Nigeria but both are shrinking because local crypto exchanges.

It's not a cashcow bro, it's a dead cow.

 

[Crypto Marketing]

Honestly, they were doomed the moment they implemented KYC.

As I remember they had insane fees too.

 

[SalvadorDale]

any official source for this?

 

[BassTrackerBoats]

As I remember they had insane fees too.

You are right, the fees are the size of an elephant.

 

[Crypto Marketing]

any official source for this?

https://twitter.com/x/status/1623683223178862593

 

[Lukmat]

Compared to binance p2p and they exposure on most of countries...
Local Bitcoin was always weird for me, huge fees and find someone to exchange, he must be online and speak with you, so stupid business model

 

[uncutu]

they were not very local. majority of sellers were zelle or cash-in-mail. there was only 1 person within 50 mi of me doing IRL trades and i'm in a well known usa city.
plus they wanted kyc to do anything on the platform
plus a lot of the vendors looked fake. easy to pad reviews.
just google "localbitcoins scam reddit". tons of results. scammers using usually the same method.

 

[nohupt]

i think they're being pussies. or smart. or both. i would keep it moving. the only reason i can think for giving that explanation is regulations they don't want to be involved with, and maybe some of those involved are starting something new.

 

[Steeky]

The site went downhill years ago when some members were arrested. Also, they blocked a lot of people from trading based on location after that. Paxful is offering to move LBC ratings to their site.