One of the main competitors of P2P Bitcoin exchange LocalBitcoins has taken even more of its market share as the Finnish company seeks regulatory compliance.
In a blog post on Nov. 19, LocalCryptos, formerly LocalEthereum, said it had completed the pivotal step of adding support for Bitcoin as well as Ether.
"LocalCryptos will list some of the most popular Ethereum-based tokens over time. We'll develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s."
Finland: LocalBitcoins is "Official virtual currency provider".
The move comes roughly a week after LocalBitcoins announced its registration with regulators in its home country of Finland.
Part of a multi-year scheme to formalize its compliance, LocalBitcoins is now an official virtual currency provider in the eyes of the Finnish Financial Supervisory Authority or FIN-FSA. As Cointelegraph reported, the platform's metamorphosis has alienated many users, who found they were no longer able to transact anonymously.
Executives had incrementally phased out ways of trading on LocalBitcoins without revealing one's identity, with cash trades now banned and ID submission obligatory.
By contrast, LocalCryptos stays away from such requirements, operating as a non-custodial resource under which no financial liability is taken on.
The setup allows the platform to retain features that LocalBitcoins has shunned.
When cash trades disappeared, LocalCryptos turned the decision into a PR opportunity on social media.
LocalEthereum Adds Bitcoin as LocalBitcoins Bows to Finland Regulators
Published on Nov 19, 2019
by Cointele | Published on Coinage
Much Anticipated Central Bank Digital Currencies Raise Privacy Concerns
Central Bank Digital Currencies, or CBDCs, have been an increasingly popular topic in the cryptosphere and financial world as a whole, especially with the onset of the COVID-19 crisis.
These charts suggest Bitcoin's "safe-haven" status is about to see its ultimate test
One integral facet of Bitcoin's value that investors have long pointed to is its potential status as a "Safe haven" asset.
Presidential Campaigns and Tiktok: Bad Crypto News of the Week
It's been another good, stable week for Bitcoin.
Here's what triggered the parabolic surges in Cardano, Kyber Network, and Matic
According to crypto research and data firm Messari, the driving force in much of the altcoin market right now and over the past year is staking.