Charlie Lee on LocalBitcoins: There's no point of it without cash trades

14 Jun, 2019
by Fifi Arisandi
Opinion
Charlie Lee on LocalBitcoins: There's no point of it without cash trades

Renowned public figures in the crypto space commented about the recent changes on P2P crypto trading platform, LocalBitcoins.

Peer-to-peer cryptocurrency platform, LocalBitcoins has been on the news lately due to the recent changes they implemented on their platform.

The most recent change was the removal of face-to-face cash purchase option, which apparently has brought comments from many renowned figures in the crypto space.

Speaking at the 20th episode of Magical Crypto Friends, WhalePanda said that LocalBitcoins is now “going down the ShapeShift route” and has become “completely useless”.

Other comments also came from Litecoin founder, Charlie Lee who said that without cash transactions, there’s no point for LocalBitcoins.

“They have KYC, they have online trading, then what’s the point of doing LocalBitcoins,” said Lee.

He further added that the platform shouldn’t be dictating KYC procedure or banning certain individuals/countries, instead they should act like a decentralized solution for people who want to meet up to trade BTC for cash.

Meanwhile, Monero’s Riccardo Spagni thinks that LocalBitcoins has been “going down a weird road for a long time”. Quoting his statement, “They completely banned local bitcoins access in Germany and then they started insisting on KYC AML for everyone. You know, I’m not a big fan of where they’re going.”

Moreover, Spagni said that the main problem is that LocalBitcoins acts as an escrow service, thus leading the path for regulatory intervention, as reported by Ambcrypto.

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