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LocalBitcoins Bans Bitcoin Buying in Iran in Blow to Rising Crypto Commerce

LocalBitcoins has officially shut off service for Iran-based users, a move that follows weeks of rising rial trading volumes on the platform.

The Helsinki-based peer-to-peer exchange has not explicitly said why Iranians are suddenly being cut off from its service, though U.S. sanctions are almost certainly the cause.

News of the move first circulated across local language Telegram channels earlier this week that the exchange had blocked Iranians. Users reported encountering problems in posting new trades and updating previous ones on the website.

“If you have an account already, you will be able to withdraw your bitcoins, but you will not be able to use the platform for trading,” reads a response by LocalBitcoins to an Iranian user that has circulated in social media…

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