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LocalBitcoins has officially shut off service for Iran-based users, a move that follows weeks of rising rial trading volumes on the platform. News of the move first circulated across local language Telegram channels earlier this week that the exchange had blocked Iranians. Users reported encountering problems in posting new trades and updating previous ones on the website. According to Iranian users, the website was also open to reviewing local bank account documents to resolve potential problems, signaling that they have advisors familiar with the largely isolated Iranian banking. Moreover, LocalBitcoins was trusted by Iran-based bitcoin users because it holds funds in escrow until both sides have given final confirmation, thereby ensuring transaction safety and lowering fraud. For instance, you can barely find two bitcoins for sale in any given day. LocalBitcoins did not respond to several requests for comments by CoinDesk on the reasons behind its decision to ban Iranians.
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LocalBitcoins has officially shut off service for Iran-based users, a move that follows weeks of rising rial trading volumes on the platform. News of the move first circulated across local language Telegram channels earlier this week that the exchange had blocked Iranians.
Users reported encountering problems in posting new trades and updating previous ones on the website. According to Iranian users, the website was also open to reviewing local bank account documents to resolve potential problems, signaling that they have advisors familiar with the largely isolated Iranian can you buy bitcoin in iran. Moreover, LocalBitcoins was trusted by Iran-based bitcoin users because it holds funds in escrow until both sides have given final confirmation, thereby ensuring transaction safety and lowering fraud.
For instance, you can barely find two bitcoins for sale in any given day. LocalBitcoins did not respond to several requests for comments by CoinDesk on the reasons behind its decision to ban Iranians. Just over a year ago, U. Legitimate Iranian crypto users have already felt the sting of sanctions several times during the past year as multiple exchanges, including Binance, Bittrex and ShapeShift have stopped offering services.
According to Milad Jahandar, CEO of Iranian fintech Bahamta, the elimination of Can you buy bitcoin in iran as one of the few remaining viable options for Iranian bitcoiners will lead to more fraud in cryptocurrency-related commerce.
Jahandar also believes that excluding users from any country due to political reasons runs counter to the very decentralized nature of bitcoin. Still, local Iranians seeking to buy and sell cryptocurrency are not without options. Programmer Ziya Sadr says two alternatives to Localbitcoins have already proven to be better and are attracting Iranian users. The first is Bisq, he said, an open-source decentralized peer-to-peer application that runs on Tor, and has recently integrated Farsi for Iranian users.
He also referred to Hodl Hodl as another option, which is similar to Localbitcoins but has also recently added a Farsi interface for Iranian users. Lastly, some Iranian users have also turned to the KeepChange peer-to-peer exchange, which in the wake of the LocalBitcoins ban sought to reassure possible users that it remains loyal to the bitcoin philosophy of preventing government interference and resisting censorship.
Iran image via Shutterstock. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Read more about Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
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Related Terms Brexit Definition Brexit refers to Britain’s leaving the European Union, which was slated to happen at the end of October, but has been delayed. Quantity Theory of Money Definition The quantity theory of money is a theory about the demand for money in an economy. Disclaimer: The content on this page should not be taken as financial ih. According to Milad Jahandar, CEO of Iranian fintech Bahamta, the elimination of Localbitcoins as one of the few remaining viable options for Iranian bitcoiners will lead to more fraud in cryptocurrency-related commerce. Trade Bitcoin for other currencies on our exchange Visit Exchange. Created with Highcharts 6. Moreover, LocalBitcoins was trusted by Iran-based bitcoin users because it holds funds in escrow until both sides have given final confirmation, thereby ensuring transaction safety and lowering fraud. Legal Tender Definition Legal tender describes any official medium of payment recognized by law that can be used to extinguish a public or private debt or meet a financial obligation. To learn more, please visit our Privacy Statement. Legitimate Iranian crypto users have already felt the sting of sanctions several times during bitcion past year as multiple exchanges, including Binance, Bittrex and ShapeShift have stopped offering services. Read more about
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