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€500,000 penalty imposed on LocalBitcoins Oy for AML failings

One bitcoin lays on Euro bank notes.
Photo: Matt Cardy/Getty Images

Martina Lindberg

1 min read
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The Finnish company failed to comply with anti-money-laundering regulations.

An €500,000 (569,988) penalty payment has been imposed on LocalBitcoins Oy for failing to identify and verify the identities of customers who signed up to its trading exchange platform.

The penalty was issued by the Finnish Financial Supervisory Authority (FIN-FSA) after an inspection on how LocalBitcoins Oy handled, among more, measures such

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