TGF Premium ⭐ Warfare Posted February 12, 2023 TGF Premium Share Posted February 12, 2023 LocalBitcoins, one of the OG P2P exchanges, announced that they are shutting down. 1 Link to comment Share on other sites More sharing options...
Root Admin MrD Posted February 12, 2023 Root Admin Share Posted February 12, 2023 I still don't understand exactly the reason for the closure. Weren't their main product the P2P exchange? "LocalBitcoins has also faced regulatory scrutiny in other parts of the world. In 2020, the platform had to comply with strict European Union anti-money laundering regulations that pressured its business in Europe. In 2015, LocalBitcoins had to halt operations in New York after failing to obtain a BitLicense from the state. " https://cryptonews.com/news/localbitcoins-shut-down-after-10-years-amid-challenging-market-conditions.htm The key takeaway here, I think, is the fact that crypto businesses require propper licenses otherwise, they will not be able to function properly or will get huge fines. This may be a good thing, meaning that the wild west of crypto will end at some point. Link to comment Share on other sites More sharing options...
TGF Premium ⭐ Warfare Posted February 27, 2023 Author TGF Premium Share Posted February 27, 2023 Yeah, P2P exchange/marketplace. On the other hand, their main competitor, Paxful, is getting stronger. They were quick to add a tool to import account stats from LocalBitcoins. Link to comment Share on other sites More sharing options...
PSTEAM Posted March 7, 2023 Share Posted March 7, 2023 I dont see the point of using them. You have to chat live with a trader. Why do that when you can just trade regularly with a buy and sell list like every other exchange? P2P was slow and silly. Link to comment Share on other sites More sharing options...
Root Admin MrD Posted March 12, 2023 Root Admin Share Posted March 12, 2023 On 3/7/2023 at 6:01 AM, PSTEAM said: I dont see the point of using them. You have to chat live with a trader. Why do that when you can just trade regularly with a buy and sell list like every other exchange? P2P was slow and silly. Well, a couple of benefits exist for individuals using a P2P service. They can save on fees as the demand meets the supply and not a broker. The second one is anonymity, as those transfers are not registered on a website where KYC procedures are in place. The 3rd is that if they get cash they can spend it as will without registering the transfer for taxes. Link to comment Share on other sites More sharing options...
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