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LocalEthereum Woos LocalBitcoins Traders After Platform Reportedly Bans Cash Trading

As executives keep quiet on the move, a competitor suspended fees for cash meetups, accusing LocalBitcoins of participating in the “war on cash.” Finnish P2P bitcoin (BTC) trading platform LocalBitcoins has kept silent after users reported it had removed cash trading from its service on June 1.LocalBitcoins, which allows users to trade BTC for fiat currency privately, purportedly cut the option for in-person meetups to trade crypto for cash, angering social media commentators.“It’s time to no longer recommend LocalBitcoins, EVER,” the top response to the original Reddit report reads.Executives from the company have so far refrained from publicly commenting on the move, which follows a slow process of Anti-Money Laundering (AML) and Know Your Customer (KYC) implementation.As Cointelegraph reported, LocalBitcoins halted anonymous trading in April 2018, requiring high-volume account holders to identify themselves before conducting further business.Based in Helsinki, the company reported in February that it would be working towards compliance with European Union AML/KYC standards.Last week, LocalBitcoins sanctioned users based in Iran, again reportedly due to EU rules, a source told Cointelegraph.For some, however, the latest change provided a marketing opportunity.…

LocalBitcoins Imposes Restrictions on Iranian Accounts

Major P2P crypto exchange LocalBitcoins.com has banned users based out of Iran. Major peer-to-peer cryptocurrency exchange LocalBitcoins.com has banned users living in Iran, according to their website as of today, May 24.Screenshot of LocalBitcoin Iranian page as of press timeA source had previously told Cointelegraph in an email that the impetus for restricting Iranian transactions is to comply with financial regulations in Finland, where the headquarters of LocalBitcoins.com is located.…
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Bank of Finland Releases Scathing Crypto Report, Calls Digital Currency a “Fallacy”

Bank of Finland crypto report calls blockchain a “centralized ledger” and digital currencies a “fallacy.” The Bank of Finland released a paper on June 21 titled “The Great Illusion of Cryptocurrencies,” explaining why they think the concept of a digital currency is a “fallacy.” The paper, written by Aleksi Grym, Adviser on Digitalization and Head of the Digital Central Bank process in the Financial Stability and Statistics Department.…