(REjected 1 )LocalBitcoin Account Maintenance Is Over: Trading Continues

Who is LocalBitcoin

LocalBitcoin is the largest bitcoin exchange in Finland that was incorporated by Jeremias Kangas in June 2012. It is currently accessible in more than 248 countries, covering up to 7916 regions. The exchange is peer-to-peer operates only on Bitcoin with direct safe link between retailers and buyers.

Suspension of Users Accounts:
The exchange through its twitter account announced on January 28, that the maintenance which commenced over two weeks ago, is over. The suspended accounts include the accounts of its users in some African countries, Asia and Middle East. The peer-to-peer exchange conducted the maintenance which rendered most accounts inaccessible without due warning. During the maintenance period, the affected accounts were not able to send and withdraw their bitcoin assets.

During this period, the users especially in Nigeria, Iran, Afghanistan, Iraq, Syria, and Pakistan complained about their inability to initiate transactions in their account but there was no response from the local exchange.

What else was affected?

As a popular and leading local BTC exchange with P2P protocols, it contributes to more than 30% of BTC trading volume at any moment. When the exchange platform suspended some accounts, it made the trading volume of BTC to drop significantly. The USD/BTC trading pair continued to increase as well. BTC recently hit more than 9k USD.