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LocalBitcoins, one of the world's most popular platforms for cryptocurrency trading, has removed without notice the option allowing its users to exchange bitcoins for money. money in person.
The elimination of this option was discovered on June 1 by platform users, who informed Reddit of the fact. On the basis of this information, the interface of the current platform no longer displays the option "in person: cash" (in person, in cash), which previously appeared in the list of payment options for the purchase or sale of bitcoins.
Until the moment, The company has not published an official note on the factThus, not only are the reasons for this elimination unknown, but we do not know if it will be temporary or permanent. It is also unclear whether the decision of the LocalBitcoins team will be extended to all areas where the platform is active.
However, although the reason for the decision was not informed, some feel that the measure could be linked to new processes for executing transactions that the company is supposed to implement in the months to come and that it is the respect of the rules of knowledge of your customer (KYC).
This situation is related to the announcement made by the company last February, which indicated that it would apply new measures to prevent money laundering (AML), which would involve a series of changes in the law. registration of new accounts. and in verification of identity. On this topic, the company said it was working on developing a new identity verification process, from the entry into force, in November, of two new laws in Finland, host country of LocalBitcoins.
This is the new law on providers of virtual money services and the law on the detection and prevention of money laundering and the financing of terrorism. These laws will also give the country's financial supervisory authority the power to oversee transactions with cryptocurrencies.
In this way, it is badumed that once the new legal framework has entered into force, allowing users to trade via the platform without having to comply with KYC and AML policies, LocalBitcoins could indirectly incur an illegal act.
Users evaluate other options
It is not possible to predict the real impact of this LocalBitcoins decision on the cryptocurrency trade, as it is one of the most popular platforms for BTC trading. However, the elimination of the cash payment option will not prevent users from continuing to trade with bitcoins in person, using other payment mechanisms.
In Reddit forums users have begun to debate possible options continue to make cash transactions through other platforms. In one of these forums, one of the participants presented a list of more than 20 platforms on which it is possible to perform P2P exchanges in cash and in person, without having to comply with the requirements of KYC. These platforms include: Bisq, HodlHodl, LocalCoinSwap, Local Lightning, Moontrade, Paxful, Moontrade, Wall Of Coins, Payfair, BuyCrypto, Today BitQuick and OpenBazaar.
LocalBitcoins is accessible from 248 countries and 7571 cities. By the end of the second half of May, trading with the platform amounted to more than $ 52 million in bitcoin transactions.
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