The Iranians will no longer be possible to trade Bitcoin on the popular exchange P2P LocalBitcoins, the newspaper reports CoinDesk. Despite the fact that the platform has not provided any clear reasons for this, it is possible that the Finnish company LocalBitcoins forbade Iranians to trade Bitcoin on their platform P2P because of the sanctions imposed by the US.
Earlier this news was published on the Iranian channels in the Telegram. Then, users began reporting numerous issues with their billing and current trading operations on the exchange website.
The message of this decision was also posted on the Iranian LocalBitcoins page, and on Twitter, where it was reported that the service will be unavailable in the region for reasons related to risk, however, what is not specified.
LocalBitcoins used in Iran is very popular because its users no one is obliged to provide a credit card and permission, and it was enough to have accounts in local banks for payments.
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In addition, the ease of use LocalBitcoins was the fact that she held the money in escrow until the trade has been confirmed by both parties, which reduced the likelihood of fraud.
The ban occurred just at a time when trade volumes in Iran on LocalBitcoins began to grow significantly. The exchange did not specify the reasons for the closure of services for citizens of Iran, but among the most obvious are called sanctions that the US imposed on Iran a year ago.
Then President trump refused participation in the nuclear negotiations of Iran with other major countries and announced a new round of sanctions against the Iranian economy.
In 2018 the world’s leading crypto exchanges such as Binance, ShapeShift others, also refused to work with investors and traders from Iran. The General Director of the local FINTECH firms Bahamta the Milad Jahangir believes that care LocalBitcoin, one of the few remaining platforms of Iran will increase the risk of fraud because people will have to trade P2P, trusting each other, which opens up opportunities for fraudsters.
In addition, it will slow down the adoption of Bitcoin worldwide, he said.
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