LocalBitcoins is confidently losing leadership in the p2p crypto platforms market.
However, the p2p market itself is still controversial in terms of regulatory constraints.
Russia remains the leader in terms of trading volume on LocalBitcoins.
International consortium of news organizations developing transparency standards.
The popular p2p platform for trading cryptocurrency bitcoin is gradually losing leadership to its main competitor – the Paxful platform.
The once popular peer-to-peer (p2p) bitcoin trading platform Localbitcoins lost its market leadership for the first time to its own – Paxful.
According to the analytical web portal coin.dance, the bitcoin trading volume on the Localbitcoins platform has continued to fall since October 2017.
At the same time, trading volume on the Paxful platform has been actively gaining momentum since 2016.
LocalBitcoins Tor Browser Users at Risk of Losing Their Bitcoins
True, it should be noted that the LocalBitcoins platform was able to significantly break away from its competitor in 2017, when the monthly trading volume exceeded $ 120 million.
LocalBitcoins now have a monthly trading volume of just under 40 million, while Paxful has already surpassed this mark..
Prohibit – Offer
Marketplaces like LocalBitcoins and Paxful are especially popular in countries where cryptocurrency regulation remains “in limbo”.
For example, in April, Russia became the world leader in bitcoin trading volume on LocalBitcoins, even despite the lack of industry regulation..
Due to the ambiguity of the position of government regulators and the fear of blocking bank accounts, small traders or even ordinary hodlers often have to apply for the services of p2p sites.
Such marketplaces have long established themselves as an alternative to conventional exchanges and exchanges due to the competitive commission rates..
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However, even such services are often at the center of scandals related to money laundering and accusations of financing terrorism..
The main reason LocalBitcoins is steadily losing market leadership is regulation by Finnish overseers (LocalBitcoins is registered in Helsinki, Finland).
Tighter control over the site forced to introduce stricter requirements for the KYC procedure.
In June 2019, for example, LocalBitcoins turned off, perhaps, one of the main services of the service – “selling cryptocurrency from hand”.
Paxful claims on its official website that the platform strives to “give everyone the opportunity to quickly, honestly and safely transfer their earnings to other assets.”
Why LocalBitcoins Gave Up Users’ Privacy | COO at Oldest P2P Bitcoin Exchange Explains
“Often, our biggest problems are related to money, especially making and sending it. We’re empowering people by creating the global financial platform of the future, ”reads About Paxful.
Nevertheless, the site, like LocalBitcoins, has already managed to get under restrictions from the regulators..
Paxful recently imposed restrictions on Venezuelan banks due to US sanctions list.
Paxful services are also not available for the following regions: Burundi, Central African Republic, Cuba, Crimea, Iran, Iraq, Lebanon, Libya, North Korea, Somalia, South Sudan, Darfur (Sudan), Syria and Yemen.
For users from Russia and Belarus, as well as a dozen other countries, Paxful requires identity verification.
What do you think? Will p2p bitcoin marketplaces stop prejudicing the CIS countries? Share your thoughts with us in the comments and join the discussion in our Telegram channel.
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