LocalBitcoins will be restricting its service offering to only 10 states; it will also be suspending trading in 13 states and closing accounts.
The Russian government has blocked access to LocalBitcoins, claiming the site spreads illegal information to the public.
A CipherTrace report indicated that LocalBitcoins received the most criminal funds—over 99%—in the first half of 2020.
Kenneth Rhule faces eight charges from U.S. Homeland Security for operating an unlicensed money transmitting business, among others.
The closures have so far been isolated to LocalBitcoins accounts in Africa, the Middle East, and Asia.
The five, which include LocalBitcoins and Prasos, will be closely monitored by Finland’s market regulator.
Localbitcoins has warned that the use of the privacy-centric browser could result in an increased risk of users having their assets stolen.
LocalBitcoins has come under fire recently for several reasons, including not enforcing mandatory financial reporting requirements.
The Las Vegas resident was accused of running an unlicensed money transmitting business, as well as wire fraud, in conjunction with his LocalBitcoins endeavors.
LocalBitcoins didn’t say why they had shutdown for Iran, but global tensions look like they put some pressure on the company and its homeland of Finland.
LocalBitcoins will soon become supervised by Finland’s Financial Supervisory Authority (FSA), as the firm announced on its blog.