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 had to reconsider our policy on local cash trades as …
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 Laundering and Terrorist Financing that will bring all crypto-related services …
Peer-to-peer Bitcoin (BTC) trading activity in the United States surged to a new all-time high during the week of June 7, according to data published by UsefulTulips. Over the past seven days, nearly $29 million worth of Bitcoin has changed hands for U.S. dollars on leading P2P marketplaces Localbitcoins and Paxful. The past week saw only North America and Middle Eastern/North African trade increase, with all other regions posting slight declines in seven-day volume. Over $24 million in Bitcoin changed hands on Paxful in the United States alongside $4.6 million traded on Localbitcoins. With roughly $1 million trading on Canada’s …
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 users living in Iran. One of the purported advantages of …
Bitcoin (BTC) trading volumes in Venezuela have reached a new all-time high amidst massive hyperinflation and an ongoing presidential crisis, tech news outlet TrustNodes reports Feb. 6. Bitcoin weekly trading volumes reached above 2,000 BTC (about $6.8 million) on peer-to-peer (p2p) exchange LocalBitcoins during the week ending Feb. 2. Venezuela LocalBitcoins Weekly Trade Volumes in BTC. Source: Coin.Dance The recorded trade volumes on LocalBitcoins are just a fraction of overall estimated Bitcoin trading by Venezuelans. As TrustNodes reports, a large amount of trading is taking place on centralized exchanges located in neighboring countries, such as Colombia and Brazil. In such …