LocalBitcoins Decouples Deposit And Transaction Fees Between Portfolios On The Platform To Zero

The person-to-person Bitcoin exchange LocalBitcoins announced that it had cut some spending on the platform to zero.
Bitcoin Exchange LocalBitcoins announced that deposit and transaction fees between wallets on the platform are now decommissioned. Launched in 2012, the platform does not touch the fiat currency itself; users can trade with each other using a platform that only mediates in the process – introducing sellers to interested buyers.
Initially, localbitcoins became very popular because the platform was softer on authentication procedures as it did not transfer money. Users can also buy bitcoins anonymously through cash transactions where the buyer and seller meet in a local public place – hence the name of the platform.
However, LocalBitcoins have changed drastically in recent years, possibly losing their “affordable” status for anonymous bitcoin transactions. In March 2019, the exchange issued a statement saying it would comply with the new rules in Finland and require users to verify personal information. The new rules, which will come into force in November 2019, include four individual account levels per transaction and BTC volume, which in some cases requires verification of the source of funds.
That same year, in May, LocalBitcoins banned Iranian users from using the platform and withdrew all services from Iran. In June, the exchange further curtailed its ability to protect users ‘ privacy by preventing customers from making personal bitcoin transactions in cash. Finally, in August, LocalBitcoins lost confidence in the anonymous bitcoin trading space, further boosting KYC requirements.
However, the platform is still important for other use cases around the world. In Nigeria, for example, the central bank (CBN) has tried to limit BTC trading by banning regulated institutions from dealing with bitcoins in February 2021. However, in the months after that, the country has seen a surge in bitcoin activity

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