The trading volumes on the popular p2p platform LocalBitcoins have fallen by more than 30% after implementing its new user verification measures.
According to Coin Dance, bitcoin trading volume on the platform during the past week rose to $38.49M, its lowest level since September 2018.
In weekly terms, 4,595 BTCs were exchanged on LocalBitcoins last week, a level that had not been reached since June 2013. Compared to September, the indicator fell by 13%.
This crash seems to the result of the decline of activity in Africa and Eastern Europe, where trading volumes fell by 35-40%, while this figure exceeded 40% in the Asia-Pacific region.
It has recently been discovered that LocalBitcoins is more popular in countries with low economic freedom and high levels of corruption. The platform is really popular in Russia, Nigeria, Venezuela and Colombia.
This crash has taken place after the platform introduced in June new AML and KYC measures to comply with European Union and Finland standards.
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