LocalBitcoins, a peer-to-peer bitcoin exchange, has announced that starting today it will halve its trading fee to 0.5% for all bitcoin trades done in the United Kingdom until 02 October.

“From this Monday, the 5th of September, we will halve the LocalBitcoins trading fee from the current 1 % to 0.5 % for all Bitcoin trades done in the UK. The reduced fee will be active for trades started between Monday the 5th of September at 12:00:01 AM UTC and 11:59:59 pm UTC October 2nd”, the announcement reads.

Explaining the reason for the halving of the fees, LocalBitcoins highlighted the “hard times” resulting from the Brexit vote and gradual drop in value of the pound, adding that it wants to help users to make the switch from pound before it's too late.

“This year we've had to watch as our friends in the UK suffer through hard times after the results of the Brexit vote on June 23rd. Since then we've seen value of the pound gradually drop in value by 16%”, it said. "We remember the support you gave us in our early days, now it's time for us to give back and help you get out of the pound before it's too late."

Founded in June 2012, LocalBitcoins is one of the oldest Bitcoin exchanges. It said that the UK has been an important market as it has helped solidify its future by being the first market to see growth in P2P trading.

As of August 2016, LocalBitcoins has more than 1,350,000 registered users from 249 different countries exchanging $14,000,000 worth of BTC every week.