Crypto Exchange LocalCryptos to Exit the Market Amid Crypto Winter

Peer-to-peer (P2P) crypto exchange LocalCryptos has announced plans to exit the market after five years of operation, with the platform emerging as the latest casualty of the extended bear market. 

According to LocalCryptos, the planned shutdown of operations was voluntary, citing several reasons, including the general crypto market meltdown and the uncertainty around the regulatory space, the exchange said in a blog post published on October 21. 

"While any of these alone are not the sole reason, they are each motivating factors in our decision. We weighed up all the options, attempted various alternative solutions to keep the LocalCryptos vision alive, but in the end we made the decision to gradually end our services and recommend our users to other P2P platforms," the platform said. 

Ahead of the exit, the platform will continue operations as usual until November 4. The exchange will also disable new account creation from there, but existing users will continue with normal operations.