P2P Bitcoin Trading Platform LocalBitcoins Leaves Iranian Crypto Traders Dry

LocalBitcoins.com, the world’s most-popular peer-to-peer bitcoin trading platform, has begun restricting its service for Iranian users this week. As of now, creating new ads for buying or selling or updating old ads are restricted to Iranian traders. In the near future, there might be a possibility of locking users’ accounts and their bitcoins on the platform’s wallet.

Big centralized exchange services like Coinbase, Binance, and many others have previously restricted Iranian users, either with the seizure of their cryptocurrencies or by preventing account setup in the identification phase. As a result, many people used the LocalBitcoins, a bulletin board for localized trading, for exchanging cryptocurrencies.

LocalBitcoins.com does not require any credit card or online payment, making it easier for unbanked Iranian users. But as of Monday, the platform’s policy has changed, shunning Iranian users altogether.

Reference: https://www.ccn.com/localbitcoins-bitcoin-restricts-iranian-users-sanctions

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