Why Localbitcoin take this action ?

[Z-tight]

My first bitcoin buy from Local Bitcoin and it was my favorite p2p site. But I don't understand why and what is the main reason to closed buy/sell service by local bitcoin?

don't worry, binance has a good p2p platform (better than localbitcoins has)

Take note that Binance is not a p2p exchange, if you are looking for options of p2p exchanges, then look here: https://kycnot.me/?type=exchange

Binance is a centralized exchange that collects kyc and is a third party in every trade you make in their platform. The 'p2p' in Binance is not true p2p because you are not connecting directly to the other peer and you don't have control of your funds when you are trading.

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[CCMS]

As far as I know they had mentioned about some losses that they were going through while running the website .

[EarnOnVictor]

As far as I know they had mentioned about some losses that they were going through while running the website .

Have you then taken your time to learn or suspect the reason for the losses and how they have come into play this much? This is not about Localbitcoins alone, some other businesses running P2P in their model went bankrupt even before them, and a few like Paxful that are left are showing signs of being stressed but the insolvent of Localbitcoins can still buy it time.

There must be a reason for the losses, a reason why they could not meet up with the business unlike before, and the only reason I suspect is the lack of much patronage like before. It's not a business as usual for them, their business model has killed the company. I can't imagine myself seeing Binance and would say it's Localbitcoins I want to deal with. That is impossible, and it's simply because of some factors like security and fees among others.

[Obari]

My first bitcoin buy from Local Bitcoin and it was my favorite p2p site. But I don't understand why and what is the main reason to closed buy/sell service by local bitcoin?

Paxful is shutting down

I think paxful is fully back to service and they’re already doing fine and pastilles has been one of my best exchanges and I think the reason for paxfuls closure was from some sort of internal conflict which was later resolved but I think paxful also gave us a sister app to use while they were away and I think the app was more like a copy and paste of paxful and unlike other exchanges which just closed down without prior notifications I think most of this other exchanges are now putting their customers to considerations as there are prior notifications before any shutting down is down but I have a question for local bitcoin is that, what is the hope of their customers who didn’t meet up to transfer or withdraw their assets after the due date ?

[Z-tight]

but I have a question for local bitcoin is that, what is the hope of their customers who didn’t meet up to transfer or withdraw their assets after the due date ?

I believe the exchange is going to claim it, LocalBitcoins shut down in early February this year and their customers were given 12 months to withdraw their funds, which hasn't elapsed by the way. I think 12 months is such a long time, and anybody who hasn't withdrawn by the end of this deadline, probably is no longer available to withdraw their coins or all they have there is dust; as such i believe the exchange would claim anything that is left.

[Elpeor00]

Sad, yeah? Localbitconis was the first p2p exchange I ever used (as you can see in this account creation date, I have been into crypto for some time)

Back in the day before 2019 I used to trade btc for cash in person, via localbitconis, is still the exchange I have used more for crypto to fiat trades, but with the kyc/aml after that I found easier to search in social media groups for small amount p2p trades

That's why I think was the kyc/aml what caused the user base to migrate, was my case

Btw, I agree Binance p2p and the likes are not true p2p

[CCMS]

As far as I know they had mentioned about some losses that they were going through while running the website .

Have you then ........... P2P in their model went bankrupt even before them, and a few like Paxful that are left are ...

I didn't really do a research on this but I am surprised about the loss thing since in P2P it shouldn't be the company bearing losses since the trade should be between the people. Maybe, heavy taxes could be reason behind it? LBTC had its headquarters in Finland ?

[Z-tight]

I didn't really do a research on this but I am surprised about the loss thing since in P2P it shouldn't be the company bearing losses since the trade should be between the people. Maybe, heavy taxes could be reason behind it? LBTC had its headquarters in Finland ?

I have pointed this out so many times, LocalBitcoins started their operation as a p2p exchange, but they stopped being a p2p exchange the moment they made kyc mandatory and became a third party in trades. LocalBitcoins became like every other centralized exchange after they made that kyc decision, and then they had to compete with other centralized exchanges for customers, because most of their customers' abandoned them for other p2p solutions. In the end LocalBitcoins could not cope with their lack of trading volume and they had to shut down.

[Elpeor00]

As far as I know they had mentioned about some losses that they were going through while running the website .

Have you then ........... P2P in their model went bankrupt even before them, and a few like Paxful that are left are ...

I didn't really do a research on this but I am surprised about the loss thing since in P2P it shouldn't be the company bearing losses since the trade should be between the people. Maybe, heavy taxes could be reason behind it? LBTC had its headquarters in Finland ?

They shouldn't bear loses derived from prices drop, as a p2p exchange, that's especially true if you take into account that a bear market is often accompanied by high volume of people trying to dump their coins and others trying to buy at the lowest

That's why I think they "crypto winter" refers to the costumers migration after the KYC implementation. As I noted before, that is my case

[EarnOnVictor]

As far as I know they had mentioned about some losses that they were going through while running the website .

Have you then ........... P2P in their model went bankrupt even before them, and a few like Paxful that are left are ...

I didn't really do a research on this but I am surprised about the loss thing since in P2P it shouldn't be the company bearing losses since the trade should be between the people. Maybe, heavy taxes could be reason behind it? LBTC had its headquarters in Finland ?

Yes, they had their headquarters in Finland, the capital of the country, Helsinki, to be precise.

This has nothing to do with the insolvency of the company and I don't think taxes are a problem either, after all, they are not the ones paying the taxes indirectly but those dealing on the platform. They've survived many years without issues even while paying their taxes, so it can't be the taxes.

All I believe is that people are finding their better serves elsewhere and the world of P2P is revolutionizing, so those who are lagging with their old ways may not meet up with the competition.