LocalBitcoins Bans Another 6 Countries to Comply with EU Policy
Main page News, Bitcoin, Crypto Market, Cryptocurrency, Regulations
Hot topic
24 January
244 244

Popular p2p bitcoin aggregator LocalBitcoins has extended its list of banned countries in order to comply with the policy defined by the EU Commission.

According to Bitcoinke, the platform's users from Botswana, Ethiopia, Ghana, Libya, Nigeria, and Tunisia received notifications regarding the account suspension.

LocalBitcoins Bans Another 6 Countries to Comply with EU Policy

It is not the first time when LocalBitcoins has to restrict access to its platform in order to stay afloat. Last year, the platform also restricted access to all Iranian users. Back then the company refused to provide users with an explanation for the restrictions even though it might have been caused due to the U.S. sanctions imposed on Iran.

In addition to that, in October 2019, the trading volumes on LocalBitcoins fell by more than 30% after the platform implemented new user verification measures, tightened up KYC/AML policy and even disabled the face-to-face trading feature.

However, once the platform managed to survive the regulatory storm, the Finnish Financial Supervisory Authority (FIN-FSA) even granted it with a license to operate as a virtual currency provider.

Shortly after LocalBitcoins CEO Sebastian Sonntag highlighted that Finland is a "well-functioning society, which holds trust and confidence at high levels."

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

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

Read also:
Please describe the error