Thursday, January 23, 2020

LocalBitcoins disables accounts from several African countries

LocalBitcoins disables accounts from several African countries
LocalBitcoins


Peer-to-peer Bitcoin marketplace, LocalBitcoins has disabled accounts from several African countries and put out a notice to traders. LocalBitcoins, a Finnish-based company, is one of the oldest over-the-counter BTC exchange marketplaces and this move has had a major impact on the overall BTC trading.

The company has listed a number of countries defined by the EU commission where they require ‘an enhanced due diligence process’ before they can operate. Ethiopia, Ghana, Nigeria, and Tunisia are the only African countries affected,  traders from other countries not on the list are also complaining to have had their accounts suspended.

LocalBitcoins has been one of the most popular destinations for P2P Bitcoin trading on the African continent, traders are believed to be moving to alternatives that offer in-person cash trades like Paxful. This recent development follows yet another service withdrawal from the peer to peer Bitcoin marketplace when it quietly removed the in-person cash trades option.

For traders who have their accounts suspended can move their Bitcoins to their wallet. Personally, I think this is always the best option as it's not advisable to store your Bitcoins on an exchange platform.

More