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The Finnish P2P bitcoin trading platform (BTC), LocalBitcoins, remained silent after users had announced that it had removed the cash negotiation from its service on June 1.
LocalBitcoins, which allows users to negotiate BTC for cash in private, would have cut off the option for in-person meetings to exchange crypto for cash, angering commentators social media.
"It's time to stop recommending LocalBitcoins, NEVER", summarizes the first response to the original Reddit report.
The company's management has so far refrained from publicly commenting on this initiative, which follows a slow process of implementation of the fight against money laundering (AML) and the knowledge of your client ( KYC).
As indicated by Cointelegraph, LocalBitcoins terminated anonymous transactions in April 2018, forcing high-volume account holders to identify themselves before continuing their operations.
Based in Helsinki, the company announced in February that it will work to comply with the LBC / KYC standards of the European Union.
Last week, LocalBitcoins sanctioned users based in Iran, again apparently because of EU rules, a source told Cointelegraph.
For some, however, the latest change has provided a marketing opportunity. LocalEthereum, the platform with the same name for traders ETH (ETH), announced that it has removed cash transaction fees in direct response to LocalBitcoins.
"The global war against money and privacy continues. LocalBitcoins has suddenly withdrawn all of its cash offers today, without any warning to its users, "wrote a blog post on Saturday. He further noted:
"The face-to-face meeting is one of the oldest means of exchange between crypto and fiat, and it remains one of the safest. As long as you follow simple guidelines, it is extremely rare for a problem to occur. "
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