Before the imposition of those compliance mechanisms, LocalBitcoins was a useful tool for people to enhance their privacy on-chain. But even after, the stripped-down service helped facilitate a native bitcoin economy – the platonic ideal of which would look like alphanumeric addresses interacting with similarly pseudonymous entities relying on Bitcoin’s architecture to estable mutual “trust.” The company onboarded and verified users from 189 countries. At its peak, in 2018, some 2,400 BTC traded hands weekly. By 2021, average weekly volumes dropped below 1,000 BTC. Last week, only 283 BTC were…
Tag: LocalBitcoins
Localbitcoins, the Pioneer P2P Bitcoin Exchange, Shuts Down After a Decade of Service Due to Crypto Winter – Bitcoin News
Localbitcoins, the Helsinki, Finland-based bitcoin exchange founded in 2012, is closing operations after over a decade of service. The company’s operators attribute the shutdown to the “ongoing crypto-winter,” which has left them unable to continue offering their bitcoin trading services. The Challenges Faced by Localbitcoins and its Ultimate Demise in the Crypto Market The first peer-to-peer (P2P) bitcoin exchange, Localbitcoins, is ending operations after over ten years in the business. The exchange announced the news on its website, stating that new sign-ups will be suspended as of Feb. 9, 2023,…
Bitcoin Exchange LocalBitcoins to Close, Citing Market Conditions
LocalBitcoins, based in Helsinki, is one of the longest-running exchanges. It started 10 years ago and has averaged between $5 million and $7 million in weekly trading volume over the past four months, a far cry from 2017, when it surged to above $100 million in consecutive weeks, according to data from CoinDance. Original
LocalBitcoins closes down P2P crypto exchange service
Finland-based peer-to-peer (P2P) cryptocurrency platform LocalBitcoins is shutting down operations after serving its customers for more than 10 years. LocalBitcoins officially announced the termination of services on Feb. 9, citing the tough market conditions of the ongoing cryptocurrency winter. “Regardless of our efforts to overcome challenges during the ongoing very cold crypto-winter, we have regretfully concluded that LocalBitcoins can no longer provide its Bitcoin trading service,” the firm said. LocalBitcoins encouraged all customers to withdraw their crypto assets from the platform, asking them to proceed with withdrawing Bitcoin (BTC) from the…
Localbitcoins, Crypto.com, Other Providers Suspend Services for Russians Under EU Rules – Bitcoin News
Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain.com, and Crypto.com have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine. Major Crypto Platforms Conform to EU Measures, Restrict Services for Russian Users Over Ukraine War About a week after the European Union introduced another set of measures aimed at hurting Russia’s economy and finances, including its access to the crypto market, a number of service providers in…
Localbitcoins User Pleads Guilty to Running Unlicensed Crypto Business — Faces Up to 5 Years in Prison – Regulation Bitcoin News
A cryptocurrency trader has been convicted in the U.S. for operating an unlicensed money-transmitting business using Localbitcoins and Paxful. He faces up to five years in federal prison and a possible $250,000 maximum fine. Crypto Trader Pleads Guilty The U.S. Department of Justice (DOJ) continues to take action against crypto traders using services such as Localbitcoins and Paxful to buy and sell cryptocurrencies as a business without a license. The latest such case involved Hien Ngoc Vo, a 49-year-old man from Seattle, Washington, who operated an unlicensed crypto business in…
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Localbitcoins P2P Exchange Launches Mobile App for Android – Exchanges Bitcoin News
Peer-to-peer cryptocurrency marketplace Localbitcoins has announced the launch of a new mobile application for its global user base. The software is designed for devices running on Android. The app has been released in response to a growing number of mobile traders. P2P Crypto Market Localbitcoins Offers Users Android App Popular P2P crypto exchange Localbitcoins has presented a mobile application for traders around the world. The app has been developed for Android users and according to an announcement published on Monday, it has already seen thousands of downloads. Work continues to…
Localbitcoins Trader Facing up to 40 Years in Prison Over Bitcoin Fraud Schemes
A trader on Localbitcoins and Paxful has pleaded guilty to charges in connection with a couple of bitcoin scams. The U.S. Department of Justice alleges that the trader knowingly sold bitcoin to victims of fraudulent schemes. Bitcoin Trader Facing Jail Time The U.S. Department of Justice (DOJ) announced last week that a Boston man has pleaded guilty in federal court to his role in two bitcoin fraud schemes. Austin Nedved “pleaded guilty to aiding and abetting wire fraud and money laundering conspiracy,” the DOJ detailed, adding that the 29-year-old is…
P2P Bitcoin Trading: Venezuela, Colombia Account for Over 23% of Total Localbitcoins Volume
A study revealed a rising trend in bitcoin (btc) volume trading across Latin America amid the coronavirus pandemic and rising inflation, pushing the figures to record highs and putting Venezuela and Colombia at the top of the ranking. Latin America Sees a Bullish Trend in Bitcoin P2P Trading Volume According to Localbitcoins, a peer-to-peer (P2P) bitcoin marketplace, both Venezuela – remaining as the second-largest bitcoin trader globally with 12.3% – and Colombia (11.3%) accounted for over 23% of the total trading volume on the platform during 2020. However, Russia is…