LocalBitcoins Removes In-Person Cash Trades Option Without Informing Users Or Making An Announcement
- LocalBitcoins is not allowing users to perform in-person cash transactions
- There is no official announcement from the platform at the moment
LocalBitcoins has removed the option for users to trade Bitcoins for cash with other individuals in person. The information was released by a Reddit user called GaryLifes on June 1st. According to The Block, users of LocalBitcoins were able to select an option “In-Person: Cash” in order to purchase or sell Bitcoin.
LocalBitcoins Removes Face-to-Face Cash Trades
Apparently, LocalBitcoins, a recognized peer-to-peer marketplace, and escrow service allowed users to exchange their digital currencies for cash through many different methods, including a physical meeting between the interested parties.
At the moment, there is no information regarding why the company decided to remove this option for users. Indeed, the platform is very popular among different traders and in a large number of countries around the world, including Venezuela.
Moreover, LocalBitcoins users are also trying to circumvent this issue by informing that they are selling Bitcoin for cash in person.
There are 248 jurisdictions and 7571 cities in which the platform is available. Indeed, LocalBitcoins handled a trading volume of $58 million in Bitcoin trades just last week. Moreover, the platform announced some time ago that they wanted to be compliant with anti-money laundering regulations in the European Union. Additionally, users have to perform a KYC process in order to be able to use the platform.
Now, users are waiting for an official announcement from the platform that needs to explain why they have decided to eliminate this option.