Bitcoin Forum

Economy => Exchanges => Topic started by: Soros Shorts on May 16, 2018, 11:44:24 PM



Title: Localbitcoins TOS change on May 25, 2018
Post by: Soros Shorts on May 16, 2018, 11:44:24 PM
https://localbitcoins.com/gdpr

Anyone have any additional info about this, particularly in regards to ID verification?

Quote
ID verification We don't require ID verification for all users, but in some situations you may be asked to verify your ID with us. We will ask you to ID verify in the following situations:

  • After trading over certain volume limits and when advertising - It is our top-most priority to ensure that LocalBitcoins is a safe and securebitcoinmarketplace and that no one is able to use our service for money laundering or other unlawful activities. Most fraud on LocalBitcoins stems from users attempting money laundering. We believe that taking a strict stance in this regard is in the interest of our users and important for our brand as a trustworthy marketplace.

Exactly what are the volume limits? Anyone have any idea?



Title: Re: Localbitcoins TOS change on May 25, 2018
Post by: BitHodler on May 17, 2018, 12:09:16 AM
It seems that the 'significant trading' trigger is something that doesn't really apply to one fixed amount. It's very likely an algorithm calculating everything per account based on your activities, which is ridiculous.

It might be that a change in your usual transaction behavior can cause them to force you to verify yourself. This likely explains why LocalBitcoins doesn't state any fixed limit in their TOS.

This change has already resulted in a situation where loyal LocalBitcoins users have ditched that platform. All its usefulness and friendly overall nature is gone for good due to the regulations dictating these services.


Title: Re: Localbitcoins TOS change on May 25, 2018
Post by: timerland on May 30, 2018, 08:52:57 PM
Nope. All we know is that if you trade too often or with too much volume, then you will be asked for identification. We don't know where the threshold is for trading volume, or what algorithm they use to determine if you're a "significant volume" trader.

I think every user also had to agree to these terms a few days ago, before they can access LBC's services.

Anyways, EU regulations seems to be tightening up and will probably continue to do so. The small space for anonymity that currently exists in small traders on localbitcoins could potentially be gone in the future as well. Though now, competitors in the p2p trading scene will enjoy a lot more volume, although they too will eventually have to face regulation.


Title: Re: Localbitcoins TOS change on May 25, 2018
Post by: sunsilk on May 31, 2018, 10:25:35 AM
Nope. All we know is that if you trade too often or with too much volume, then you will be asked for identification.
Exactly the same what's on my mind more volumes, more trades, bigger amounts.

I've seen some complains lately about this addition verification from localbitcoins. I guess I've seen it in the Service Discussion, some people posted it there.

Anyway there's the same topic. https://bitcointalk.org/index.php?topic=3760153.0