Representatives of the well-known p2p platform LocalBitcoins commented on the recent decision to eliminate the possibility of selling and buying Bitcoin for cash in person. According to them, they were forced to take this step due to the need to comply with the requirements of the law on the prevention of money laundering and the financing of terrorism.
The corresponding statement of Finland based company was published on Twitter.
Recognizing that many people do not have other payment options besides using cash, and that such transactions are a tool for promoting equal access to Bitcoin trading, LocalBitcoins, however, noted that it is bound by obligations that laws on the prevention of money laundering and terrorist financing impose on it .
The company also apologized to users who could be adversely affected by such measures.
Users noticed quickly enough the fact that LocalBitcoins removed the option of trading cryptocurrency for cash at a personal meeting, but the platform comments followed just now.
Now, only Fiat payments made by electronic means, including bank transfers, are available to service users.
In March, the Finnish parliament voted in favor of a new law on providers of virtual currency services and amendments to legal regulations on countering money laundering and terrorist financing (AML). In accordance with the new legislation, LocalBitcoins and other cryptocurrency platforms must comply with the AML requirements set by the country's financial regulator.