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LocalCryptos closes operations after 5 years of operation




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The bitcoin (BTC) and cryptocurrency exchange LocalCryptos, based in Richmond, Australia, will permanently shut down its operations as of Nov. 18. As a result, the team behind the company is asking its customers to take precautions.

In a release posted on its official blog, LocalCryptos said it chose its fifth anniversary day in particular to report on the decision to shut down operations indefinitelywithout ruling out a possible return in the future.

They give three reasons why they were forced to make this decision. One of these is “personal health problems affecting the development” of the exchange.. Second, they point out the downward trend of cryptocurrency markets and finally mention the need to address “the long-term regulatory trajectory amid the global evolution of the cryptoeconomy.”

We evaluated all options, tried several alternative solutions to keep LocalCryptos’ vision alive, but in the end we made the decision to phase out our services and recommend other P2P platforms to our users.

Localcryptos team statement.

The team adds that all cryptocurrency exchange operations will continue as normal. until Nov. 4, after which the creation of new accounts will be disabled. “However, existing users will still be able to use LocalCryptos,” the statement read.

LocalCryptos says goodbye to its customers.

Next, November 18, the creation of new transactions in the exchange will be disabled, Although it is clarified that existing users will still be able to use LocalCryptos’ web wallet interface to store their funds, stressing that this is not a custodial arrangement.

The LocalCryptos website will remain online indefinitely for the wallet user interface. Alternatively, users can continue to use the open source LocalCryptos Wallet Backup Explorer tool to access and transfer their cryptocurrencies.

Localcryptos team statement.

LocalCryptos was founded in 2019 and managed by the team of the former LocalEthereum. Its platform is focused on P2P sharing.that is, trading between private users without the intermediation of a third party. This means that it provides the infrastructure (website and smart contracts) for monetary exchanges, but nothing more.

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On the other hand, the company warns its users to beware of scammers who often seek new victims by taking advantage of ads like the one just made. For this reason, LocalCryotos emphasizes that it provides customer support only through its website. official help deskand not on Telegram or other social networks.

Also, if you receive a purported e-mail from us that does not come from an e-mail address ““you will most likely be the target of a phishing attack. You must be very vigilant and remember to never reveal your password or private keys to anyone, including us.

Localcryptos team statement.

How it was reporting by CryptoNews, Other cryptocurrency exchanges have decided to shut down operations. Among the most recent is Bexplus, which bid farewell to its clientele last July without stating the reasons for the cessation of operations. They simply stated “force majeure reasons.”

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