RATE Group | No Reprieve for LocalBitcoins Traders whose Bitcoin Remains Locked up
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No Reprieve for LocalBitcoins Traders whose Bitcoin Remains Locked up

12 Feb No Reprieve for LocalBitcoins Traders whose Bitcoin Remains Locked up

Posted at 15:15h in Bitcoin News by

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No Reprieve for LocalBitcoins Traders whose Bitcoin Remains Locked up 101
Source: iStock/fatido

Bitcoin (BTC) traders say they are still waiting to regain access to their tokens two weeks after peer-to-peer cryptocurrency exchange LocalBitcoins quietly suspended their accounts. Account-holders say they have been severely inconvenienced by the move, which has brought their trading operations to a halt.

LocalBitcoins is a Finland-based platform that allows buyers and sellers to trade Bitcoin directly. It incorporates escrow for security and is licensed by the Finnish regulator, the Finnish Financial Supervisory Authority.

The platform is accessible in over 248 countries and generates annual revenues of USD 31 million. According to data from Owler, the firm has 67 employees.

In June 2019, the exchange tightened its compliance requirements, removing its “in-cash” person option. But it appears that it is now following up with alacrity, suspending the accounts of many of its long-standing customers – sometimes, without prior warning.

Customers in…

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