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LocalBitcoins Quietly Suspend Accounts in Multiple Regions Without Notice

Claudia Rivera

Summary: LocalBitcoins allegedly suspended user accounts in Africa, the Middle East, and Asia due to an "enhanced due diligence process" (cointelegraph). Unable to withdraw from their accounts without having to delete them, users have sent out their first complaints.  There is yet to be an official announcement from LocalBitcoins. Suspicions arise on Reddit that this action ...

LocalBitcoins allegedly suspended user accounts in Africa, the Middle East, and Asia due to an "enhanced due diligence process" (cointelegraph). Unable to withdraw from their accounts without having to delete them, users have sent out their first complaints. 

There is yet to be an official announcement from LocalBitcoins. Suspicions arise on Reddit that this action might be associated with the European Union's new Anti-Money Laundering law also known as the 5AMLD. LocalBitcoin users will now have to wait 14 days to delete their accounts in order to get access to their Bitcoin. LocalBitcoin was founded around 2012, but their trading volumes have now dropped 50% around June 2019 to January 2020.

By Claudia Rivera

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