The LocalBitcoins Volume Continues to Decline
Why is this happening?
- In July 2019, LocalBitcoins announced in its official blog that it had activated a deadline for its customers to meet the new account verification rules in order to trade normally.
- Another new feature that could be affected is the removal of the option for users to exchange bitcoins for cash personally. This possibility of physical exchange through the platform was deactivated in early June because exchange need to comply with anti-money laundering and counter-financing of terrorism regulations in Finland, where the platform has its institutional headquarters.
- Competition is on the rise. The main competitor is now the Paxful platform with $25,000,000 volume per week.
Another platform that is launched as a LocalBitcoins contest is LocalEthereum. The exchange site, originally designed exclusively for ETH trading, will now be dedicated to exchanging bitcoins and other cryptocurrencies. The new platform, now called LocalCryptos, has started including bitcoins in its exchange offer.
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