LocalBitcoins Confirms Removal of Local Cash Trades

Global peer-to-peer (P2P) crypto exchange LocalBitcoins has officially confirmed the removal of trading in local fiat currencies, the firm announced in a tweet on June 4. As previously reported, the Finland-based exchange silently removed cash trading on June 1, which immediately caused some outrage in crypto community. In the official statement, LocalBitcoins noted that its liabilities are determined by the Act on Detecting and Preventing Money Laundering and Terrorist Financing, which requires the exchange to follow certain sanctions. LocalBitcoins wrote: “In order to adapt to the current regulatory environment, we…

LocalBitcoins Quietly Removes Anonymous In-Person Crypto Cash Trading

By CCN: Peer-to-peer cryptocurrency exchange service LocalBitcoins has completely suspended all physical cash trading on its network. Several traders have since reported having their standing orders canceled forcing them to revert to electronic-only transfer alternatives. Enthusiasts have long considered LocalBitcoins a haven for decentralized Bitcoin trading. But now it appears the company is losing its edge. The development has largely flown under the radar with no press releases or official mention of any change. Like all things in cryptoland, however, nothing remains a secret for long. One Reddit user noticed…

LocalEthereum Woos LocalBitcoins Traders After Platform Reportedly Bans Cash Trading

Finnish P2P bitcoin (BTC) trading platform LocalBitcoins has kept silent after users reported it had removed cash trading from its service on June 1. LocalBitcoins, which allows users to trade BTC for fiat currency privately, purportedly cut the option for in-person meetups to trade crypto for cash, angering social media commentators. “It’s time to no longer recommend LocalBitcoins, EVER,” the top response to the original Reddit report reads. Executives from the company have so far refrained from publicly commenting on the move, which follows a slow process of Anti-Money Laundering…

LocalBitcoins Removes Cash-for-Crypto Trading Option

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.. 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…

South Korea’s Bitcoin Trading Volumes on LocalBitcoins Reach New Record Levels

Bitcoin (BTC) trading volumes in South Korea have recently reached new levels on peer-to-peer (P2P) exchange LocalBitcoins, according to charts on BTC statistics service Coin Dance. According to the data, bitcoin weekly trading volumes have surged over the past two weeks, with the latest week recording a new high of around 219 million South-Korean won ($185,000). South Korea LocalBitcoins Weekly Trade Volumes in BTC. Source: Coin Dance Founded in Finland in 2012, LocalBitcoins offers over-the-counter trading of local currency for bitcoin and operates as a P2P trading platform. The Finnish…

LocalBitcoins Imposes Restrictions on Iranian Accounts

Major peer-to-peer cryptocurrency exchange LocalBitcoins.com has banned users living in Iran, according to their website as of today, May 24. Screenshot of LocalBitcoin Iranian page as of press time A source had previously told Cointelegraph in an email that the impetus for restricting Iranian transactions is to comply with financial regulations in Finland, where the headquarters of LocalBitcoins.com is located. Moreover, exchanges are purportedly cutting off Iranian users due to sanctions previously imposed on other exchanges by the United States. Major crypto exchanges Coinbase and Binance do not currently support…

LocalBitcoins to Change KYC-AML Policy from November 2019

Against the Roots: LocalBitcoins to Change KYC-AML Policy from November 2019 April 2, 2019 by Jeff Fawkes On February 8th 2019, all LocalBitcoins users received a message saying the European Union is introducing new KYC-AML standards. One of the oldest companies in the bitcoin industry, which follows the anarcho-privacy and cypherpunk spirit by allowing P2P trading, is ready to shift away from supporting BTC social security. Also read: Crypto Exchange Zebpay Integrates Lightning Network Wallet Service Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts All Roads Lead…

LocalBitcoins Announces Supervision by Financial Supervisory Authority of Finland

International peer-to-peer (P2P) crypto exchange LocalBitcoins will soon become supervised by the Financial Supervisory Authority of Finland, as the firm announced on its blog on March 25. Helsinki-based LocalBitcoins wrote that the Finnish Parliament approved new legislation that will provide a legal status for cryptocurrency assets on March 13, 2019. The authority has passed a proposal for a new Act on Virtual Currency Service Providers that is expected to come into force in November 2019. The parliament also voted for an amendment to the Act on Detecting and Preventing Money…

Bitcoin Trading Platform LocalBitcoins Hacked with Thousands of Dollars Stolen

LocalBitcoins has become a victim of a phishing attack. At least six users have been affected after following a link to a fake LocalBitcoins page. Though crypto platforms do their best to ensure the highest security of funds of their clients, due to the nature of the modern technologies the threat still exists. Hackers always try to detect the weak points in platforms’ protection and use them in their interests staying unnoticed. This time sad new have come from peer-to-peer trading service LocalBitcoins. Phishing Attack According to the information revealed,…

LocalBitcoins Resumes Outgoing Transactions After Warnings of Phishing Link on Forum

A link to a phishing LocalBitcoins clone website had been placed on the official LocalBitcoins forum, but the attack has since been stopped. A LocalBitcoins community manager warned of the attack on Reddit on Jan. 26. According to the post, an unidentified hacker or hacker group detected a security vulnerability in the LocalBitcoins forum and linked it to a phishing forum. Even before the official communication, a Reddit user warned in a post on the Bitcoin (BTC) subreddit: “When visiting the localbitcoins forum […] users are prompted to log into…