Something new will replace it but it is a loss to the btc community localbitcoins has been the website everyone uses for p2p trades because of its simple process. I think they should be allowing more then 12 months to withdraw funds because that is not a lot of time and some members are not getting the message. I wonder if it is increased regulations and KYC requirements that have shut them down. I do not think the company is based in a country where it is banned to use btc and it comes at a weird time for it to shut down. I thought it would be sold instead of shutting down because it is one of the most known exchanges in the btc community.