LocalBitcoins will only be available in ten states
Localbitcoins.com Suspends Operations In 13 States In Coming Days
The service will only be supported in ten states
The reasons for blocking trades are not named
International consortium of news organizations developing transparency standards.
LocalBitcoins, a platform for P2P cryptocurrency trading, announced that the service will be unavailable in 13 US states from January 26
The statement says that only residents of Illinois, Kansas, Montana, New Hampshire, New Jersey, Pennsylvania, Tennessee, Texas, Virginia and Wisconsin will be able to use the services of the platform..
LocalBitcoins tightens the nuts
LocalBitcoins.com is leaving all other states. In the next two weeks, operations will end in Florida, Connecticut, Utah, Arkansas, Nevada, Nebraska, Mississippi, Iowa, District of Columbia, North Dakota, Minnesota, Kentucky and Vermont. From the rest of the states, except for the ten listed above, the company will leave before spring 2021.
Following the January 26 deadline, LocalBitcoins will begin to close and allow customers to make one last withdrawal.
The news was published in a thread on Reddit, but the post was soon deleted. The editors contacted LocalBitcoins with a request to comment on the situation, and the company confirmed that everything was true..
LocalBitcoins’ U.S. weekly trading volumes reach $ 4.8M, according to Coin Dance.
The company did not specify what prompted it to make such a decision, but only apologized for the inconvenience..
Meanwhile, the news came shortly after the US Securities and Exchange Commission (SEC) sued fintech startup Ripple (XRP) for selling unregistered securities. Many cryptocurrency exchanges found themselves in an awkward position and were forced to exclude the coin from the listing, or suspend trading in order to protect themselves from possible claims from the SEC.
The SEC decides everything
It is possible that the SEC’s aggressive policy towards companies processing cryptocurrency transactions prompted LocalBitcoins to make this decision.
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Anti-money laundering and anti-fraud policies vary widely from state to state. Peer-to-peer (P2P) transactions do not always meet the standards and requirements of “know your customer” (KYC) and anti-money laundering (AML) procedures
LocalBitcoins confirmed leaving, but has not made an official statement yet.
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