LocalBitcoins Disables Face-to-Face Trading Feature to Comply with AML Policy
Pxabay/Tombark
Main page News, Fintech, Bitcoin, Regulations, Crypto Market, Cryptocurrency Exchanges, Cryptocurrency, Money Laundering
Hot topic
4 June
43 43

LocalBitcoins, a peer-to-peer crypto exchange based in Finland has reconsidered its policy on local cash trades by disabling face-to-face bitcoin trading feature.

According to the official statement, LocalBitcoins is liable to the obligations determined by the Act on Detecting and Preventing Money Laundering and Terrorist Financing.

"In order ot adapt to the currenct regulatory environment, we had to reconsider our policy on local cash trades as well as on the geographical areas where our service is available. among other feature," notes the official announcement.

Earlier in January, the platform detected "a security vulnerability," through which an unauthorized source was able to access operations from a number of affected accounts.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error
Close