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LocalBitcoin bans service in Iran

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Crypto traders in Iran have been banned from using the peer-to-peer trading platform Localbitcoins.com within the country.

While the new legislation in Montana is good news for the Crypto users in the United States and the state, the recent development in Iran is not good news for crypto users. LocalBitcoin, Helsinki-based BTC exchange has stopped servicing Iranian residents. This indicates that Crypto traders in Iran have been banned from using the peer-to-peer trading platform Localbitcoins.com within the country.

According to the Iranian section of the website, it noted that trading service “currently not available.” The exchange does not yet give the reason for the recent development, however, in recent time there has been rising tension in the Middle East between Iran and the U.S. Though the reason is not stated, this might have been caused by the harsh economic sanctions leveled against Iran.

Notably, there has been a massive increase in the volume of Localbitcoins rial-measured trade according to data aggregation website Coin Dance, before the service was withdrawn.

Meanwhile, the support team has informed traders in the country that they can only withdraw their BTC but cannot trade on the platform.

Notably, there has been a consistent increase in the adoption of Cryptocurrency and use in Iran in recent time. This has been more facilitated by the rampancy of economic sanctions of the United States of America. According to Aljazeera, on Bitcoin Pizza Day, a group of Iranians got together in Tehran to celebrate. The owner of the restaurant where the meetup took place, Reza Abdollahi, noted that “We have up to 200 people paying with crypto each month, mostly consisting of large groups who throw parties at the restaurant to use the discount.”

Also, the recent ban on Crypto mining in China has led to an influx of crypto miners into Iran, which has been more accommodating to Crypto mining. The increase of Crypto adoption and Crypto mining in Iran is gradually making the oil-rich state a haven for Crypto industry. The impact of the latest development will further aid reaping the dividend of the nascent industry by the country.

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Written by Layla Harding

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