LocalBitcoins cuts-out Crypto for Fiat Option

June 3, 2019 By: Nwabundo Wisdom

 

Renowned Finish Peer-to-peer exchange LocalBitcoins has reportedly removed cash-for- crypto trading on its platform based on the report on Sunday, June 2, by a user who noticed the option for buying cryptocurrency for cash-in-person was no longer available.

This action by LocalBitcoins to cut out peer-to-peer exchange of crypto for cash-in-person has steamed reactions from the crypto community. An angered commentator in a Reddit report stated: “it’s time to no longer recommend LocalBitcoins, EVER.” Although some comments points out that the restrictions may be limited to the United States.

On this development, LocalBitcoins is yet to make any comment or official announcement concerning the change in its operations. The exchange had earlier in April 2018, stopped anonymous trading, requiring its users to identify themselves before carrying out trading transactions on the platform.

In another report from a source, it was disclosed that users in Iran were sanctioned by the peer-to-peer exchange due to EU rules. Also an announcement made by LocalBitcoins in February, suggests that it would comply with EU’s recent anti-money laundering directive.

LocalEthereum a similar peer-to-peer exchange to LocalBitcoins, only that it caters for Ethereum traders, has swiftly taken advantage of this development in an announcement which discloses that it has temporarily removed trading fee on cash-in-person, starting from June 1 to July 1.

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