LocalCryptos, a peer-to-peer (P2P) cryptocurrency exchange, has announced plans to depart the market after five years of operation, becoming the latest casualty of the extended bear market.

Screenshot of LocalCryptos blog
Screenshot of LocalCryptos blog

LocalCryptos stated in a blog post published on October 21 that the planned cessation of operations was voluntary, citing many factors, including the broader crypto market implosion and regulatory uncertainties.

The team said in the blog,

We want to make closing down as clean and orderly as possible to allow our users a smooth transition to alternative P2P platforms. LocalCryptos will be winding down in phases, with the key dates included below.

Furthermore, the exchange stated that “personal health matters impacting the development and progression of the marketplace” had a role in the decision.

Prior to the exit, the platform will continue to operate normally until November 4. The exchange will also ban new account creations from that point forward, although existing users will be free to carry on as usual.

In addition, new trade creation will be banned beginning November 18. Nonetheless, services centered on the LocalCryptos non-custodial web wallet interface will continue, and trades will be available beyond the date and can be done normally.

Notably, the exchange said that the LocalCryptos website for its wallet user interface will be available indefinitely.

Interestingly, LocalCryptos warned its readers in the message to be aware of scammers who may take advantage of the scenario to deceive unwary victims.

The exchange launched in October 2017 and has since attracted over 400,000 registered users. The platform previously focused primarily on Ethereum (ETH) before adding support for non-custodial P2P Bitcoin trading (BTC).

It is worth noting that the current crypto bear market has forced some operators out of the industry. Celsius Network, Voyager Digital, and Three Arrows Capital, for example, filed for bankruptcy after ceasing business.