LocalBitcoins Finally Comments on its Action to Cut-Out Crypto for Cash-in-Person Trading

June 4, 2019 By: Nwabundo Wisdom

 

Finnish peer-to-peer crypto exchange, LocalBitcoins, has comfirmed report pertaining to a recent action to cut-out crypto for cash-in-person trading on its platform. This information was disclosed by the firm in tweet on Tuesday, June 4.

In a related news, it was earlier reported that the peer-to-peer crypto exchange on June 1, cut-out crypto for cash-in-person feature on the platform. This action sparked instant reactions from crypto community who expressed their displeasure over the Finnish exchange’s action.
However, LocalBitcoins has finally commented on the development in an official statement which it disclosed that its liabilities are subject to the regulations of the Act of Detecting and Preventing Money Laundering and Terrorist Financing.

LocalBitcoins wrote:

“In order to adapt to the current regulatory environment, we had to reconsider our policy on local cash trades as well as on geographical areas where our service is available, among other platform features. As a consequence, advertisements in the cash category (i.e. local cash trades) were disabled in our platform on Saturday 1st June.”

The decision taken by the Finnish peer-to-peer exchange may not be far-fetched from the report that stated that the Financial Supervisory Authority of Finland will start monitoring the activities of the exchange as the agency had earlier passed a legislation for crypto assets this year.

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