LocalBitcoins Slashes UK Bitcoin Trading Fee Post-Brexit Vote

Journalist:
September 5, 2016

Popular peer-to-peer bitcoin exchange platform LocalBitcoins has announced that it will halve its trading fee for all bitcoin trades done in the UK, starting today.

In an effort to increase bitcoin buying in the UK following the Brexit vote which saw the sterling pound fall in its valuation, P2P bitcoin exchange LocalBitcoins will slash its fee for bitcoin trades among UK customers, this month.

In a press communication with CCN, the Finland-based bitcoin exchange revealed its affinity to the UK, which it sees an important market. Founded in 2012, LocalBitcoins praised the UK market as the first to see growth in P2P bitcoin trading, which in turn helped the exchange “solidify” its future. Activity in the UK also helped the exchange with “enough money to hire their first employee”, the exchange revealed. Furthermore, the UK “was the first market where Localbitcoins market became liquid,” according to CEO Nikolaus Kangas.

Starting today, September 5th, the trading fee for all bitcoin trades done in the UK via the platform will be reduced from 1% to 0.5%, effectively halving the exchange’s fee.

LocalBitcoins cites the “hard times” that has befallen the UK as a result of the Brexit vote. The value of the pound has dropped gradually in value by 16% since the vote, making it a market ripe for bitcoin adoption.

Kangas added:

The trading community there is really active, and we have always kept our eye closely on the UK market. Now, with the possible #brexit, UK might become [an] even more interesting market for bitcoin users.

The reduced fee at 0.5% for trades will be active for all trades initiated between today, September 5th and October 2nd, end of day at 11:59 UTC.

With some 1,350,000 registered users across 249 countries, LocalBitcoins sees trading volumes worth over $14 million in BTC every week, as of August 2016.

Images from LocalBitcoins and Shutterstock.

Last modified (UTC): September 5, 2016 12:49

Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas