Peer-to-peer (P2P) crypto exchange Localbitcoins has reported that 2019 revenue rose 10% to $29.6 million from $27 million a year ago.

For the year, operating income fell 6% to $19.9 million from $21.2 million the year before. Localbitcoins did not provide detail about net profit.

The Finnish marketplace said about $2.8 billion in volume was traded from 15.6 million transactions.

Localbitcoins added 1.46 million new users last year, it stated. But stricter know-your-customer (KYC) requirements implemented in the last half of the year drove away some customers, both new and existing.

During the review period, the P2P exchange noted that the number of active users on the platform totaled 913,000. Chief executive officer Sebastian Sonntag commented:

2019 was an invaluable learning experience for us, as we implemented anti-money laundering and know-your-customer regulations…undesired activity was driven away from the platform and the implementation of KYC itself was a challenging process.

Sonntag expects that new users will continue…

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Source: https://news.bitcoin.com/localbitcoins-2019-revenue-rises-10-to-29-6-million-amid-increased-paxful-competition/