Helsinki-based peer-to-peer exchange LocalBitcoins has reportedly removed the option that allows its users to buy or sell cryptocurrencies in person for cash. LocalBitcoins is a bitcoin startup company headquartered in Helsinki, Finland. It was founded by Jeremias Kangas in June 2012.
Local bitcoin avails the service of over-the-counter trading of local currency for bitcoins. Usually, users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins. In a post by Reddit on Sunday, a user of LocalBitcoins pointed out that the option was no longer available on the platform; though some comments suggested the restriction might be limited to the U.S. Reddit is the official sub online affiliate for LocalBitcoins.com.
This option that was removed usually acts as a matchmaker for users to make trades in person and now it has been removed it bars LocalBitcoin users from selling and buying bitcoin for cash. According to other comments, the effect of the option removal on LocalBitcoin’s platform has also canceled pending cash trades.
In response to the move, LocalEthereum announced has temporarily removed the trading fee on cash-in-person exchanges – effective June 1 to July 1. Like Localbitcoin, LocalEthereum is a peer to peer marketplace, where individuals can buy or sell Ethereum without the need for intermediaries. As the name implies, it is usually local transactions. It is also notable that LocalBitcoin had announced earlier in February that it would comply with the European Union’s (EU) new anti-money laundering directive. it is not certain yet why this has been done because, despite this recent change, the platform is yet to make an official announcement about it on its blog or Twitter feed.
This company is however not the only P2P cryptocurrency trading platforms that have the offer of an in-person cash option. So this is clearly a personal decision from their end.
Credits- Daniel PalmerJOIN OUR COMMUNITY