On June 1, the peer-to-peer exchange Localbitcoins has terminated allowing in-person cash trades. According to the official Twitter account, all unfinished fiat deals have been discontinued, leaving bounded traders who favor cash to explore other roads.
The official account tweeted:
In the official announcement, LocalBitcoins remarked that its responsibilities are defined by the Act on Identifying and Countering Money Laundering and Terrorist Financing, which expects the exchange to serve specific sanctions.
In order to adapt to the current regulatory environment, we had to reconsider our policy on local cash trades as well as on geographical areas where our service is available, among other platform features. As a consequence, advertisements in the cash category (i.e. local cash trades) were disabled in our platform on Saturday 1st June.
The decision arrives on the bases of the news that LocalBitcoins will shortly become observed by the Financial Supervisory Authority of Finland, as the Finnish administration announced new law for crypto assets beginning of this year.
In the month of May, LocalBitcoins halted Iranian users from utilizing its platform, a decision inspired by the laws of the European Union.
Localbitcoins is a P2P cryptocurrency exchange that was established in Finland in the year 2012. The platform provides anonymous transactions with Bitcoin undeviatingly between only the retailer and the client without any association by the exchange. It is supposed that its design makes all transactions quicker and more accessible. All the processes are possible online and offline by giving a user with the necessary information about places of the participating retailers in his country.
Meanwhile, bitcoin (BTC) has observed a striking drop since June 1, with its price has fallen drastically. According to Coinmarketcap , the BTC price is currently at $8 015 and Bitcoin ROI is 5,824.32%.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.