LocalBitcoins banned trade for Iranian users

By May 26, 2019 15:58

stopped providing services-coinconomist

LocalBitcoins P2P platform has stopped providing services to Iranian users without explaining obvious reasons, CoinDesk reports.

It should be noted that the LocalBitcoins platform was one of the best options for trading for Iranian cryptocurrency traders. She collaborated with local banks and provided liquidity and security of transactions through escrow. At the same time, the volume of trading on LocalBitcoins in Iran has increased significantly over the past few weeks, and reached a level of 45.64 billion Iranian rials over the week.

The platform’s support service confirmed that they will no longer provide services in Iran, citing unacceptable work risks in the region.

Iranian users who already have an account on the platform, as its representatives note, can withdraw their Bitcoins, but trading is prohibited.

The alleged reason for the ban

As noted earlier, representatives of the platform do not officially name the reason for termination of services, and do not respond to media inquiries to explain this decision. However, most likely the main reason is the strengthening of US economic sanctions against Iran.

Let me remind you that last year’s US President Donald Trump withdrew from Iran’s nuclear deal with world powers unilaterally, starting an escalation of “maximum pressure” against Iran.

As a result, such cryptocurrency exchanges as Binance, ShapeShift and Bittrex were closed for Iran over the last year. And the ban is also LocalBitcoins, according to Finteh Bahamta CEO Milad Jahandar, will only lead to increased fraud in the cryptocurrency trade.

Alternatives LocalBitcoins

Increased sanctions against Iranian cryptoinvestors, forcing the latter to increasingly use decentralized exchanges, like Bisq.

Note that Bisq, an open source Tor-based p2p platform, has recently integrated Farsi for Iranian users. And the fact that it does not require KYC, and transactions can be performed anonymously, makes it ideal for Iranian users.

Another good option could also be the Hodl Hodl platform, which like Bisq, added the Farsi interface to Iranian users.

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By May 26, 2019 15:58