The WICB said the decision to call off the tour after the first match of the seven-match series is in the interests of the safety and security of the players and officials, reports CMC.
The WICB's decision was taken following a report on the situation in Bangladesh by WICB Security Manager Paul Slowe. The report emphasised that the "current security environment in Bangladesh is not conducive to the playing of cricket in the light of the 72-hour nationwide blockade and calls for countrywide dawn-to-dusk protest.
The US State Department has also issued a travel alert to its citizens living in and travelling to Bangladesh," according to the WICB statement.
Travel arrangements are being made for the team's return to the Caribbean as quickly as possible.
The team will remain at their hotel with adequate security until their departure.
An explosion had occurred a short distance away from the team hotel in Chittagong Saturday evening. The players and the team management were not targeted and were in no immediate danger as a result of the incident.
"The WICB wishes to thank the Bangladesh Cricket Board for hosting the team and providing the security arrangements. The WICB has contacted the parents and guardians of the players to advise them of the latest developments."
West Indies Under-19 played one of the seven scheduled Youth One Day International (ODI) matches and lost by 104 runs.
The second ODI, to be played on Sunday, was rescheduled for Monday before the decision to withdraw the team was taken.