LocalBitcoins income up despite strict identification rules

by in Blockchain News


At the end of 2019, LocalBitcoins revenue added approximately 10%, amounting to $ 29.5 million. The data are presented in comparison with 2018, then the total income of the cryptocurrency platform amounted to $ 26.9 million.

The company was able to improve its financial performance even though last year it tightened trading rules and user identification. Such measures were taken in connection with the desire of the site to comply with European law on combating money laundering.

In parallel, LocalBitcoins increased its headcount. In the third and fourth quarters, the number of employees increased from 26 to 43.

LocalBitcoins CEO Sebastian Sonntag said that in 2019, an important decision was made to switch to new user identification rules.

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He also noted: "As expected, suspicious activity was nipped on the platform. Despite this, we were able to provide growth and excellent earnings."

Last year, 1.46 million new users registered with LocalBitcoins. In total, investors completed 15.6 million transactions. The average transaction amount was $ 179.4.

Sontag believes that in the coming years, growth in trading will proceed.