LocalBitcoins commented on decision to liquidate cash transactions
A peer-to-peer crypto exchange LocalBitcoins, which a few days ago eliminated the possibility of exchanging in person with cash, commented on its decision.
LocalBitcoins acknowledges that many people have no other payment options other than cash and notes that cash transactions are “a tool to promote equal access to Bitcoin trading.”.
“However, LocalBitcoins, as a Finnish-based virtual currency service provider, is bound by obligations under the Money Laundering and Terrorist Financing Detection and Prevention Act. These conditions require that we adhere to certain measures and use effective means of reducing the corresponding threats, the company writes. – In order to adapt to the current regulatory regime, we revised the policies for local cash transactions, as well as the list of geographic regions where our services are available, among other platform functions. As a result, ads in the cash exchange section were disabled on our platform on Saturday, June 1 “.
In conclusion, the company apologizes to users “who were negatively impacted by these measures.”.
Also recently, users from Iran have lost access to transactions on LocalBitcoins..
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