Finland Regulator Licensed LocalBitcoins

The main financial regulator of Finland – FIN-FSA approved the registration of p2p platform LocalBitcoins, as became known recently. In order to get this license, the exchange had to provide all the necessary documentation:

  • implementation of measures to combat money laundering;
  • the existence of mechanisms to protect user assets;
  • professional suitability of employees, as well as exchange managers;
  • and of course, follow the “know your customer” (KYC) procedure.

It has been a long and difficult journey, as a result, LocalBitcoins has introduced a number of measures to strengthen control over the movement of user capital. In early summer, the exchange management decided to remove the function of trading for cash in person and then introduced user verification. As a result, the trading volume of the site decreased by about a third.

Besides, important to note is that LocalBitcoins users from countries with rather unstable economies set historical records for trading volumes.

Leave a Reply

Your email address will not be published. Required fields are marked *