LocalCryptos is shutting down - page 2.

o_e_l_e_o

legendary

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Merit: 18771

Really disappointing to see a much used and much respected peer to peer site close down. I agree with the above, and suspect that external regulations are probably the main culprit here. But that is exactly the reason we need peer to peer exchanges in the first place!

I'd be hopeful some of the team would take their expertise across to other similar platforms and continue to help grow the peer to peer ecosystem. A small part of me wonders if this is because many of the team members are doxxed as LocalEthereum was not set up privately in the first place. Perhaps they will all launch a new platform or join other platforms, but anonymously.

Quote from: Potato Chips on October 22, 2022, 11:12:31 PM

which means if they were to introduce KYC/AML polices in their platform, it'd become the shell of its former self.

Yes. As much as I am disappointed to see them close, shutting down entirely is a preferable option to going the LocalBitcoins route and becoming yet another centralized exchange demanding KYC and spying on their users.

Potato Chips

hero member

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yesssir! 🫡

Damn. That sucks...

I'm also leaning towards regulations being the main culprit. Their vision talk gave it away for me:

Quote from: https://blog.localcryptos.com/after-5-years-localcryptos-is-saying-goodbye/

While we had much more planned for LocalCryptos, unfortunately we believe that internal and external factors prevent our small team from fully achieving our vision.

....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

What could it be other than their main selling points e.g. no kyc, encrypted messages, etc.? which means if they were to introduce KYC/AML polices in their platform, it'd become the shell of its former self.

logfiles

copper member

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🌀 Cosmic Casino

Quite sad to see it end this way, what started as Localethereum and grew up into a huge p2p marketplace for selected coins including Bitcoin. I have been a big fan of it.

This is what they said, but I think it's more of a regulatory issue than the bear market. Being that they are located in Australia, whose Government can sometimes get cocky when it comes to regulations

Quote from: https://blog.localcryptos.com/after-5-years-localcryptos-is-saying-goodbye/

LocalCryptos has made the tough decision to voluntarily wind down for multiple reasons. Among the reasons include personal health matters impacting the development and progression of the marketplace, an anticipated downtrend in cryptocurrency markets, as well as challenging developments in the long-term regulatory trajectory amidst the global evolution of the crypto economy.

dkbit98

legendary

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Quote from: OmegaStarScream on October 22, 2022, 12:42:20 PM

LocalCryptos announced a few hours, that it will be closing its doors: https://twitter.com/LocalCryptosEN/status/1583605719604920320

AFAIK, the exchange had the highest trading volume (compared to the other P2P non-KYC exchanges) so this is definitely sad to see them shutting down.

Shit, one more non-kyc p2p trading place is going down Tongue

I don't understand why they would do this now, unless they are having some problems related with kyc regulations.
In blog they are claiming there are multiple reasons, like personal health, anticipated downtrend in cryptocurrency markets, and challenging developments... but I think this is mostly bs.
Instead of closing down they could try selling their business to someone else who could continue their work and maybe improve it.

OmegaStarScream

staff

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LocalCryptos announced a few hours, that it will be closing its doors: https://twitter.com/LocalCryptosEN/status/1583605719604920320

AFAIK, the exchange had the highest trading volume (compared to the other P2P non-KYC exchanges) so this is definitely sad to see them shutting down.

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