LocalBitcoins to Ban Cash Trades For AML Compliance

As it was assumed earlier, new Finnish law made company, based in this country, to stop providing one of its popular services
05 June 2019   166

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.

LocalBitcoins' Statement
LocalBitcoins' Statement

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.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   171

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.