LocalCoinSwap Withdraws from Russian and Venezuelan Markets

On January 22, clients of the P2P platform LocalCoinSwap in Russia and Venezuela received letters announcing the company’s withdrawal from these jurisdictions. The information was confirmed in the official Telegram chat.

The exchange attributed its decision to “recent changes in the regulatory sphere” in these regions.

LocalCoinSwap announced a complete suspension of trading operations for users in these countries and provided them with 14 days to withdraw funds.

“After this period, access to the platform for users in your region will be blocked, and fund withdrawal will become more complicated,” the letter stated.

However, representatives of the platform did not rule out the possibility of resuming services in Russia and Venezuela if “the situation changes.”

In September 2023, the exchange Binance announced its exit from Russia. It transferred its business in the jurisdiction to the platform CommEX.

The option to withdraw funds for Russian clients will be available until January 31, 2024. From the same date, Binance’s P2P platform will cease support for trading pairs with the Russian ruble.