Bitcoin DEX Bisq Sees Record Volume After Localbitcoins Bans Cash

Bitcoin DEX Bisq Sees Record Volume After Localbitcoins Bans Cash

P2P bitcoin (BTC) trading platform Bisq is seeing record trading volumes as users drop Localbitcoins, data from monitoring resource Coin Dance confirmed this week. 

Bisq, the DEX formerly known as Bitsquare, is a decentralized application facilitating crypto-to-fiat trades without a formal intermediary. 

For the week ending June 22, the most recent period for which data is available, the platform handled $6.1 million, its best performance on record. 

Noticeable upticks came from markets as diverse and the United Kingdom and Brazil, the former seeing its second-biggest volumes. 

The increased activity comes weeks after Localbitcoins, traditionally the go-to P2P trading platform, abruptly withdrew the option for users to meet and perform trades for cash

Part of a series of increased know-your-customer (KYC) moves, dropping cash sparked criticism, with competitor LocalEthereum rushing to hook deserted traders. 

Many P2P markets rely heavily on cash exchange, as users either have no access to the banking system or feel unable to rely on it, as is the case with countries such as Venezuela.

The latest data underscores the change in consumer habits with Localbitcoins failing to capitalize on bitcoin breaking $10,000 and higher.

Volumes across the platform for the seven days to June 22 actually fell compared to previous weeks, reaching $56.4 million.