Peer-to-Peer Bitcoin Exchange LocalBitcoins Stop Services in Iran

LocalBitcoins Stop Services in Iran

Peer-to-Peer Bitcoin Exchange LocalBitcoins Stop Services in Iran

LocalBitcoins Stop Services in Iran

LocalBitcoins has recently stopped offering its services in Iran. This is presumably over U.S.-led sanctions that pressured other exchanges into withdrawing their services from the country.

Many LocalBitcoins users started noticing they were having problems posting new trades and updating previous ones, before the firm’s website started showing a message in Iran’s country page stating “LocalBitcoins is currently not available in your selected region.”

A response from the peer-to-peer exchange given to an Iranian user soon started circulating on social media. LocalBitcoins stated:

If you have an account already, you will be able to withdraw your bitcoins, but you will not be able to use the platform for trading.”

Later on, the exchange replied to several Iranian users on Twitter, stating that its services weren’t available in the country for “risk-based reasons.”

According to some the exchange allowed users to trade using their local bank accounts, without the need for an international credit card.

In response Iran launched a gold-backed cryptocurrency called “PayMon” that is based on the Stellar Lumens (XLM) network. The cryptocurrency seemingly hasn’t been mentioned since reports revealed a company called Ghoghnoos and four national banks were cooperating with authorities to produce a system for it.

Currently, Iranian users can withdraw their bitcoins from the website, but are unable to create any new trades. Remember that Binance, Bittrex, and ShapeShift have also withdrawn their services from the country.

24 Comments

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