Cryptocurrency News

LocalBitcoins Removed The Option To Buy/Sell Cryptocurrency For Cash Face to Face


The popular p2p platform LocalBitcoins has removed the option of trading cryptocurrency for cash face to face. This was stressed by Reddit users.

At the moment users have access only to Fiat payments made by electronic means, including bank transfers.

According to tweets of users, this option is not available in India, for example:

Users from other countries also complain about the shutdown of the service. Many of them are in search of alternatives to LocalBitcoins, suitable for anonymous buying and selling of cryptocurrencies.

Official comments from LocalBitcoins about the reasons for disabling the option demanded for many users have not yet been. However, we note that in March, the Finnish parliament voted for a new law on service providers in the field of virtual currencies and for amendments to legal regulations on countering money laundering and terrorist financing (AML). In accordance with the new legislation, LocalBitcoins and other cryptocurrency platforms must comply with the AML requirements set by the country’s financial regulator.

LocalBitcoins recently ceased to provide its services to users from Iran. However, the most likely reason for this decision could be US sanctions.



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