Bitcoin Trading Platform LocalBitcoins Requires Personal Information

[Marko Vidrih]

The local peer-to-peer trading platform, LocalBitcoins, introduces anti-money laundering (AML) and know-your-customer (KYC) measures and grabs criticism in social media.

AML & KYC: Only for listings?
The LocalBitcoins platform has not issued any regulatory compliance guidelines or comments on the events. Nevertheless, it seems that users must provide personal information, such as personal information. The identity card to continue to use the service and continue to buy or sell Bitcoin.

The changes come at a time when regulation is paramount. LocalBitcoins, based in Finland, probably had to bow to pressure from local authorities.

LocalBitcoins users wanted one thing above all: privacy. With an account and some cash Bitcoin could be bought. That does not seem to be possible anymore. The LocalBitcoins community is looking for a new service that does not require data, as the Tweet by Bisq - a decentralized exchange - proves.

Bisq is a decentralized Bitcoin exchange that does not require users personal information. However, the use of this service is complicated, so beginners may have difficulties with it. Another alternative to LocalBitcoins is hodlhodl.com. It is not decentralized but easier to use than Bisq.

Author: Marko Vidrih

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[Marko Vidrih]

It is still unclear whether this measure only applies to providers (advertisements) or depends on the sales volume. So far, many LocalBitcoins users have been affected. Buyers will need to switch to other exchanges.

[Xester]

Criminality, scams, money laundering are some of the reasons why the government are requiring all exchanges to have a KYC and AML compliance. This compliance will require all users to supply their valid information as well as their identification cards and valid documents. Aside from those requirements this is also a way of the government to know the bitcoin holders who have earned so they can tax them accordingly.

[cosmoo]

I don't see anything wrong in that. I can identify my personality, I'm not afraid about that, because I am law abiding citizen.

[mk4]

I don't see anything wrong in that. I can identify my personality, I'm not afraid about that, because I am law abiding citizen.

Most people(including me) want privacy. Not because we want privacy it doesn't automatically mean that we aren't law abiding and it definitely doesn't automatically mean we're doing shady shit.

[ylnar123]

The local peer-to-peer trading platform, LocalBitcoins, introduces anti-money laundering (AML) and know-your-customer (KYC) measures and grabs criticism in social media.

AML & KYC: Only for listings?
The LocalBitcoins platform has not issued any regulatory compliance guidelines or comments on the events. Nevertheless, it seems that users must provide personal information, such as personal information. The identity card to continue to use the service and continue to buy or sell Bitcoin.

The changes come at a time when regulation is paramount. LocalBitcoins, based in Finland, probably had to bow to pressure from local authorities.

LocalBitcoins users wanted one thing above all: privacy. With an account and some cash Bitcoin could be bought. That does not seem to be possible anymore. The LocalBitcoins community is looking for a new service that does not require data, as the Tweet by Bisq - a decentralized exchange - proves.

Bisq is a decentralized Bitcoin exchange that does not require users personal information. However, the use of this service is complicated, so beginners may have difficulties with it. Another alternative to LocalBitcoins is hodlhodl.com. It is not decentralized but easier to use than Bisq.

Author: Marko Vidrih

It is not necessarily important for investors to give their informations like KYC is. But AML is the problem with regards to legal cases. So why choose exchanges which ask for KYC if you only want to trade Bitcoin and not all your altcoins.

[jseverson]

To OP: Always post your source links. https://www.reddit.com/r/Crypto_Currency_News/comments/8d4vj3/bitcoin_trading_platform_localbitcoins_requires/

Was about to add you to my list: Unofficial List of plagiarists [UPDATED: April-16-2018] but I decided against it as the author's name is in the post anyway. But It'd be best if you post the links.

Does he also need to cite the URL if he himself is the author and he basically crossposted? His author name is the same as his Bitcointalk username as well as his reddit username, so I assume this is just the same person posting across different platforms.

But yeah, regarding the topic, I wonder why Localbitcoins started doing this? It's basically an online selling platform that just happens to be specifically made for Bitcoins. There are plenty of online selling platforms that don't implement KYC procedures at all. Does this have anything to do with them serving as the escrow for the deals? Either way, their popularity will be taking a hit.

[mk4]

To OP: Always post your source links. https://www.reddit.com/r/Crypto_Currency_News/comments/8d4vj3/bitcoin_trading_platform_localbitcoins_requires/

Was about to add you to my list: Unofficial List of plagiarists [UPDATED: April-16-2018] but I decided against it as the author's name is in the post anyway. But It'd be best if you post the links.

Does he also need to cite the URL if he himself is the author and he basically crossposted? His author name is the same as his Bitcointalk username as well as his reddit username, so I assume this is just the same person posting across different platforms.

Yikes my bad. I'm so used to people copy-pasting stuff here so I didn't even check OP's username. My bad. Editted my post.

[santino11]

Criminality, scams, money laundering are some of the reasons why the government are requiring all exchanges to have a KYC and AML compliance. This compliance will require all users to supply their valid information as well as their identification cards and valid documents. Aside from those requirements this is also a way of the government to know the bitcoin holders who have earned so they can tax them accordingly.

Will they be sure that everything is good and correct? there are many fake identities all over the world, especially over the internet.
It is easy to use someone's identity for others especially if you have money.
I am aware of criminality and bad deeds that use bitcoin to pay. but this is not the solution.

[Botiki55]

I think that this is a necessary measure, otherwise it can be a lot of illegal activities for money laundering.
and if you have nothing to fear and you keep the law, everything will be fine))

[cosmoo]

I don't see anything wrong in that. I can identify my personality, I'm not afraid about that, because I am law abiding citizen.

Most people(including me) want privacy. Not because we want privacy it doesn't automatically mean that we aren't law abiding and it definitely doesn't automatically mean we're doing shady shit.

I know, but what about people that do? They can easily do some shady things and noone can prove that. I think if cryptocurrency will be only one currency, without fiat money (I know, it's so naive) it won't be anonymous.