LocalBitcoins urges restrictions on Iranian accounts

Tuesday 28 May 2019 13:10 CET | News

According to a post on their website, peer-to-peer cryptocurrency exchange has banned users living in Iran starting 24 May.

Allegedly the reason for restricting Iranian transactions is to comply with financial regulations in Finland, where the headquarters of is located. Also, exchanges are cutting off Iranian users due to sanctions previously imposed on other exchanges by the US. As such, crypto exchanges such as Coinbase and Binance do not currently support users living in Iran.

However, one of the advantages of LocalBitcoins for Iranian users was that it did not require a credit card or online payment. This meant that Iranian users without international bank accounts could still buy and trade crypto.

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Keywords: LocalBitcoins, restrictions, Iran, accounts, cryptocurrency, crypto assets, exchanges, Coinbase, Binance, financial regulations, law, transactions , bank account, trading
Countries: World