LocalBitcoins removed the possibility of buying and selling cryptocurrency for cash in person

The popular LocalBitcoins p2p platform removed the option of trading cryptocurrency for cash in person. This, in particular, was noticed by Reddit users.

Thus, now users of the service have access only to Fiat payments made by electronic means of communication, including bank transfers.

According to tweets of users of social networks, this option, for example, no longer works in India:

Users from other countries also complain about the shutdown of the service. Many of them are in search of alternatives to LocalBitcoins, suitable for anonymous buying and selling of cryptocurrencies.

Official comments from LocalBitcoins about the reasons for disabling the option demanded for many users have not yet been. However, we note that in March, the Finnish parliament voted for a new law on service providers in the field of virtual currencies and for amendments to legal regulations on countering money laundering and terrorist financing (AML). In accordance with the new legislation, LocalBitcoins and other cryptocurrency platforms must comply with the AML requirements set by the country's financial regulator.

LocalBitcoins recently ceased to provide its services to users from Iran. However, the most likely reason for this decision could be US sanctions.

Also recall, the other day the volume of transactions on LocalBitcoins in South Korea reached a new record level.