LocalBitcoins quietly removes in-person cash trades

Bitcoin • June 2, 2019, 10:57AM EDT
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LocalBitcoins, one of the most popular peer-to-peer exchange and escrow service, has removed the option for its users to trade bitcoins for cash in person. The move was first discovered on Reddit and later confirmed by The Block. Prior to the removal, users of LocalBitcoins could select "In-person: Cash" as an option when buying or selling bitcoins.

LocalBitcoin's In-person Cash option before its removal

It is unclear whether this removal is temporary or permanent as LocalBitcoins has yet to make an official announcement. Interestingly, some users are attempting to circumvent this removal through a variety of methods as seen in the screenshot below.

LocalBitcoins is accessible in 248 countries and 7571 cities. Just last week, LocalBitcoins has facilitated $58 million in bitcoin trades. In February, the platform announced that it would comply with the new anti-money laundering directive enacted by the European Union, adding KYC processes for its users. 

AUTHOR

Steven Zheng profile picture Steven Zheng

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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