Strict compliance procedures did not cause significant damage to LocalBitcoins

According to Coindesk’s news on June 10, market data shows that the ban on cash transactions and the requirement for identity verification have not caused significant damage to the P2P crypto exchange LocalBitcoins. According to Nomics’ data, compared with the transaction volume announced 12 months ago, the transaction volume of OKEx and Coinbase decreased by about 30% and 45%, respectively. But since January this year, the trading volume of these two exchanges has increased by about 250% and 800%, respectively. In contrast, the trading volume of LocalBitcoins has fallen by 27% in the past 12 months, and has increased by nearly 40% this year. A LocalBitcoins spokesperson said: “In the past, cash transactions only accounted for 0.5% of all transactions. Deleting it has no effect on our transaction volume.”

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