LocalBitcoins

LocalBitcoins
Headquarters Helsinki, Finland[1]
Website Official website
Launched June 2012

LocalBitcoins is a bitcoin startup company based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins.[2] Users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins. Other users reply to these advertisements and agree to meet the person to buy bitcoins with cash[3] or pay with online banking. LocalBitcoins also offers a reputation and feedback mechanism for users and an escrow and conflict-resolution service. As of December 2013, LocalBitcoins has around 110,000 active traders with a trade volume of 1400–3000 bitcoins per day.[4]

In February 2014, two Florida men were charged with violating state money laundering laws for using LocalBitcoins.com.[5] In that same month the company announced that it would begin mass-producing low-cost bitcoin ATMs.[6] April 2016, another two men from Louisiana, a former Shreveport chiropractor and his son plead guilty to funneling money through an unlawful Bitcoin financial scheme. The men were using localbitcoins to advertise their services.[7]

References

  1. ↑ "LocalBitcoins | CrunchBase Profile". Crunchbase.com. Retrieved 2014-02-19.
  2. ↑ McMillan, Robert (2013-03-28). "Why the Only Real Way to Buy Bitcoins Is on the Streets | Wired Enterprise". Wired.com. Retrieved 2014-02-19.
  3. ↑ Murphy, Kate (July 31, 2013). "Virtual Currency Gains Ground in Actual World". New York Times. Retrieved February 20, 2014.
  4. ↑ Lemarchand, Rafael (2013-12-06). "Helsinki's LocalBitcoins Hits Up To €3 Million A Day In Exchanges". Arcticstartup.com. Retrieved 2014-02-19.
  5. ↑ "LocalBitcoins.com Targeted". Business Insider. 2014-02-09. Retrieved 2014-02-19.
  6. ↑ Joon Ian Wong (2014-02-15). "LocalBitcoins Starts Manufacturing Low-Cost Bitcoin ATM". Coindesk.com. Retrieved 2014-02-19.
  7. ↑ Elliot Maras (2016-05-23). "Arrests And Prosecutions Reveal Big Vagaries In Bitcoin Selling Regulations". cryptocoinsnews.com. Retrieved 2016-05-23.
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