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LocalBitcoins Removes Cash-for-Crypto Trading Option
P2P crypto trading platform LocalBitcoins has reportedly removed an option allowing users to buy or sell cryptocurrencies in person for cash.
Helsinki-based peer-to-peer exchange LocalBitcoins has reportedly removed the option allowing users to buy or sell cryptocurrencies in person for cash.
In a Reddit post Sunday, a LocalBitcoins user pointed out the option was no longer available on the platform, though some comments suggested the restriction might be limited to the U.S..
STORY CONTINUES BELOW
The removal of the option – which acts as a matchmaker for users to make trades in person – effectively bars LocalBitcoin users from selling and buying bitcoin for cash. LocalBitcoins has also cancelled pending cash trades, other comments suggest.
The platform has not yet made an official announcement about the change on its blog or Twitter feed.
In response to the move, LocalEthereumannounced has temporarily removed the trading fee on cash-in-person exchanges – effective June 1 to July 1.
LocalBitcoins' move comes after the company announced in February that it would comply with the European Union’s (EU) new anti-money laundering directive.
Several other P2P cryptocurrency trading platforms still offer an in-person cash option.
image via Shutterstock
Benedict Alibasa
Benedict has over 10 years of experience in security research, investigations, business intelligence reporting and news aggregation. He was the founder of Risk Profiles Philippines – an independent research group.
