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According to News.bitcoin.com on June 1, P2P exchange Localbitcoins has stopped providing on-site cash transactions. A small number of users said that all pending fiat currencies were cancelled, allowing local traders to be forced to seek other exchanges.

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One of the oldest BTC exchanges, Localbitcoins has removed cash transactions from its list of options. This means that people can't use the platform to meet and sell BTC in cash, and vice versa. Localbitcoins has not officially announced why the option was cancelled, but some traders said that all on-site cash transactions were suddenly cancelled. A famous bitcoin trader at the Reddit forum said,

After logging in, I found that all of my 'face-to-face deals' information was deleted, and 'add new deals' now have no 'local' option, only 'online', which violates the exchange's name 'Local' .

The news spread like social wildfire on social media, and bitcoin enthusiasts discussed new ways of face-to-face cash transactions. Ray Youseff, founder of Paxful, a P2P trading platform, pointed out on Twitter that his platform has begun to see a lot of new registrations. Youseff exclaimed,

Localbitcoins is now canceling all bitcoin cash transactions, causing bitcoin enthusiasts to flood into Paxful P2P exchanges like refugees, and we won't let you down - cash is still the king of the emerging world.

The reason why Localbitcoins suspends cash transactions is unclear, and some users complain that their cash transactions were cancelled without any warning. The cancellation of cash transactions is believed to follow the recent addition of more KYC requirements to many large exchanges, and the exchange has also ceased to provide services to Iranians.

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