Finland based peer-to-peer bitcoin trading firm LocalBitcoins has maintained silence after its customers testified that it has removed cash exchange from its services.
LocalBitcoins permits its customers to privately exchange their BTC for fiat hence eradicating the need of in-person meet-ups for crypto-trading for cash. The company’s move has left the social media Analysts enraged. They no longer consider LocalBitcoins a recommendable firm.
The company’s officials have abstained from overtly remarking on the decision, following the sluggish procedure of Anti-Money Laundering (AML) and Know Your Customer (KYC) enactment.
According to media reports, LocalBitcoins paused unnamed trade in 2018, demanding multiple account holders to recognize themselves before leading additional trade.
LocalBitcoins is actually based in Helsinki, Finland and reported a few weeks ago that it will be operating to comply with EU’s AML/KYC morals. A few days ago, LocalBitcoins sanctioned its customers based in Iran, due to EU guidelines.
Others believe that the most recent transformation provided a marketing prospect. LocalEthereum catering to ether (ETH) traders proclaimed that it had eradicated cash transfer fee as a direct retort to LocalBitcoins.
According to a blog post, personal meeting is one of the eldest and safest methods of exchanging crypto and fiat. Provided that you follow simple strategies, it’s extremely occasional for things to go incorrect.