- Users complain that P2P cryptocurrency trading platform disabled cash trading option.
- The decision may be caused by new Finnish legislation on AML.
A popular P2P platform for trading cryptocurrencies LocalBitcoin users report that the platform has hidden or removed the option to buy and sell digital assets for cash in a face-to-face meeting.
A Reddit user, aka GrayLife, was the first to notice that cash payments were no longer available. The information was confirmed by Twitter users, who complained that the option was disabled in India and some other countries.
“Localbitcoins.com has hidden or deleted all local cash offers in India and other countries #bitcoin #localbitcoins,” Twitter user Rusil Sarkar wrote.
Thus, platform users now have to resort to fiat payments via electronic payment systems or bank transfers. This development forced many people to look for alternatives to buy and sell coins in an anonymous way.
LocalBitcoins has yet to provide official comments on the cessation of the favored option. However, it is worth noting that the Parliament in Finland voted for a new bill on service providers in the virtual currencies industry. Also, the policy-makers approved the amendments on anti-money laundering provisions and terrorism financing (AML) regulations.
In accordance with the above-said legislations, LocalBitcoins and other cryptocurrency trading platforms should comply with AML requirements enforced by the financial regulator of the country. Read more about the new legislation here
Recently, LocalBitcoins stopped servicing Iran citizen, potentially, due to the US sanctions.
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