LocalBitcoins Platform Reportedly Bans Cash Trading

LocalBitcoins Platform

LocalBitcoins, a Finland Peer to peer bitcoin trading platform has been reported by users to have removed cash trading from its service on June 1st.

LocalBitcoins, which allows users to trade BTC for fiat currency privately, purportedly cut the option for in-person meetups to trade crypto for cash.

A reply to the original Reddit report reads: “It’s time to no longer recommend LocalBitcoins, EVER,”

Executives from the company have so far refrained from publicly commenting on the move, which follows a slow process of Anti-Money Laundering (AML) and Know Your Customer (KYC) implementation.

LocalBitcoins stopped anonymous trading in April 2018, requiring high-volume account holders to identify themselves before conducting further business.

The company reported in February that it would be working towards compliance with European Union AML/KYC standards as it is based in Finland.

Last week, LocalBitcoins sanctioned users based in Iran, again reportedly due to EU rules.

However, LocalEthereum capitalizing on this announced it had removed cash transaction fees as a direct response to LocalBitcoins.

A blog post on Saturday read “The global war on cash and privacy continues. LocalBitcoins suddenly removed all cash-in-person offers today, without any warning to its users,”

“Meeting in person is one of the oldest ways to exchange between crypto and fiat, and it remains one of the safest. As long as you follow simple guidelines, it’s incredibly rare for anything to go wrong.”

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