LocalBitcoins exchange announces the termination of serving Russian users

Clients were informed that they would be able to withdraw funds in one transaction, after which access to the wallets would be closed

08.10.2022 - 10:25

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What’s new? Russian users of the Finnish cryptocurrency exchange LocalBitcoins began to receive emails about the termination of service. Representatives of the platform reported that due to the European sanctions, Russian citizens will no longer be able to use the service. An exception was made only for people with dual citizenship of the European Economic Area (EEA) and Switzerland. Russian clients will be able to withdraw funds in one transaction, after which access to their wallets will be closed. This is reported by the publication DeCenter.

What is known about LocalBitcoins? It is a cryptocurrency peer-to-peer (P2P) exchange that allows its users to buy and sell bitcoins. All transactions are made directly between customers, the management just makes sure that the terms of transactions are properly fulfilled.

On October 6, the European Union tightened restrictions on the use of digital assets by Russian citizens. Crypto companies were completely forbidden to serve Russian users, regardless of the sum of assets in their accounts. The team of the cryptocurrency exchange Binance stated that it has not yet introduced new restrictions, but will leave the possibility of withdrawal of funds in case the new sanctions need to be complied with. Andrey Tugarin, the managing partner of GMT Legal, recommended that Russians withdraw funds from centralized platforms licensed in the EU.

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