March 28, 2024

LocalBitcoins has suspended user service from 21 countries

The company has introduced an "enhanced due diligence process" in some regions in accordance withEuropean Commission requirements.

LocalBitcoins peer-to-peer platform limitedaccess from 21 countries, writes the BitcoinKE portal. The company's customers received a message stating that in accordance with the requirements of the European Commission, the exchange has implemented a “strengthened legal examination process”.

Access to the service was lost by users fromAfghanistan, American Samoa, Bahamas, DPRK, Ethiopia, Ghana, Guam, Iraq, Libya, Nigeria, Pakistan, Panama, Puerto Rico, Samoa, Saudi Arabia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, US Virgin Islands and Yemen. Customers from other countries also report account access issues. For example, a trader from Uganda said that he was offered to close his account and withdraw his cryptocurrency.

Last November, LocalBitcoinsreceived a virtual currency supplier license from the Financial Services Authority of Finland. To this end, the site has implemented anti-money laundering and customer identification measures, as well as user protection.

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