LocalBitcoins Shuts Down Service in Iran

The P2P exchange giant have shut down its services in Iran. LocalBitcoin is one of the leader in P2P bitcoin exchange with its services available in over 200 countries. Bitcoin trade on the platform is peer to peer over the counter format where sellers post their Ad and buyers pay for the Bitcoin through various means which include local bank transfer.

This service has made it possible to convert Bitcoins to local currency in countries where there isn’t government support for Bitcoin. The local bank transfer has made this possible, with that, users do the Bitcoin trading and receive their fund without the knowledge of authorities.

The exchange announced its withdrawal from Iran effective today, Iranians can no longer use the service. The news has been posted on the Iranian telegram channel of LocalBitcoins, on the Iran page and on twitter stating the reason being that of risk.

Analyst have pointed out that the reason may be the US sanction on Iran and that this is also a sad news for the country as trading without a service like localBitcoin that hold the seller’s Bitcoin in Escrow and have a dispute management system may increase the rate of Bitcoin fraud.

Author: CoinTick Editorial

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