Post
Topic
Board Service Discussion
Re: What after localbitcoins.com shutting down
by
dansus021
on 11/02/2023, 00:38:40 UTC
The truth is that they started to die when they were forced to introduce KYC rules.
Since it was one of the reasons people traded there, they moved to another place
You can trade on Binance before without KYC, but Binance had no option than to make KYC mandatory. Yet, Binance remain as the exchange with the highest trading volume. Although, some people that are concerned about KYC left the exchange at the time. Jeremias Kangas founded Localbitcoins in mid 2012. 2022 crypto winter wasn't the first, that makes your post valid, but regardless of what happened, it is still about the survival of the fittest, but not necessarily about KYC as well if other things has been in place. Although, I am not disputing the fact that KYC could have been the reason for the start of Localbitcoins collapse.

Yes, I do agree I know LocalBitcoin when the price was still hundred dollars, I know their strong this is not their first crypto winter  Cry But it is very sad when saw news like this

On the other hand back a couple of years ago there is a bunch of Centralized exchanges who don't do KYC but now almost all need KYC. I know that some people hate this but they don't pretty much have a choice.

and also bybit or binance offer P2P service but still to use it you need KYC first  Cry. I think like it or not when the platform gets bigger and get more user the government will approach them and talk about "Regulation or I gonna shut down your business" Tornado Cash is one of the example even tho is not an exchange