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Author Topic: ID verification compulsory to sell on localbitcoins?  (Read 155 times)
indiangrad
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January 12, 2018, 03:03:16 PM
 #1

I have been selling at localbitcoins for about a month now with sell volume of slightly below 0.1 btc. It did not require id verification before. Suddenly, when I try to create a new advertisement, it shows below:

"To create advertisements, you have to complete identity verification with LocalBitcoins.com."

Are we reqd to compulsorily complete id verification to sell on localbitcoins after a point?

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Murloc
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January 12, 2018, 07:53:02 PM
 #2

Only localbitcoins support will give you the right answer on your question but if you can't place an ad then it is probably compulsorily to send your ID. It is not that dangerous unless you are trying to launder illegal money (or just trying to avoid anu huge taxes) and there is a bit chance that the police will track you. If you are just trading your BTC then you are totaly fine. Especialy if you live outside EU.
P.S. Even if you do something illegal it is possible to track you anyway without ur ID.

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January 12, 2018, 08:56:55 PM
 #3

Yes, of course you need to update your credentials to there, it is not a bad thing, why do you think that a lot of exchanges are asking for ID's? Specially in localbitcoins, it is full of scammers in there.
It did not require id verification before. Suddenly, when I try to create a new advertisement, it shows below:
"To create advertisements, you have to complete identity verification with LocalBitcoins.com."
Even if you are going to sell $10 or $15 and you want to create an advertisement, you need to upload your ID's (well, the minimum ad was 0.10 btc if i am not wrong, it has been two months since i do not use lcb)
Are we reqd to compulsorily complete id verification to sell on localbitcoins after a point?
But try to avoid using localbitcoins for storing your bitcoins, the fees are outrageous.

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January 12, 2018, 09:31:01 PM
 #4

Yes, when your total sell/buy reached a certain threshold, they would then require you to submit at least level 2 verification to continue posting your advertisements on their platform. It is in compliance with KYC and AML regulations that is being followed by most exchanges all over the world. And wouldn't you like that? Increased daily limit on your account means more volume and potentially more profit on your end. LBC has been around for years and it's not like they're selling your identity to anyone or whatsoever; they just needed to do that in order to maintain their business.

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January 12, 2018, 11:32:52 PM
 #5

I have been selling at localbitcoins for about a month now with sell volume of slightly below 0.1 btc. It did not require id verification before. Suddenly, when I try to create a new advertisement, it shows below:

"To create advertisements, you have to complete identity verification with LocalBitcoins.com."

Are we reqd to compulsorily complete id verification to sell on localbitcoins after a point?

I can't find the exact threshold listed on their FAQ, but apparently that's the case. It's frustrating because even if you verify ID with Localbitcoins, you are still expected to verify ID with buyers/sellers you engage with.

LBC has been around for years and it's not like they're selling your identity to anyone or whatsoever; they just needed to do that in order to maintain their business.

I'm not so worried about Localbitcoins selling my ID documents. I am worried about their database being hacked, potentially compromising many thousands of peoples' identities. After the massive Equifax breach last year, I am very paranoid about who gets my data. Localbitcoins may be subject to data protection laws, but I doubt the penalties are stiff enough to ensure that your data stays safe. In fact, that's the main reason why I have lowered my exposure to centralized exchanges.

indiangrad
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January 13, 2018, 04:58:14 PM
 #6

I have been selling at localbitcoins for about a month now with sell volume of slightly below 0.1 btc. It did not require id verification before. Suddenly, when I try to create a new advertisement, it shows below:

"To create advertisements, you have to complete identity verification with LocalBitcoins.com."

Are we reqd to compulsorily complete id verification to sell on localbitcoins after a point?

I can't find the exact threshold listed on their FAQ, but apparently that's the case. It's frustrating because even if you verify ID with Localbitcoins, you are still expected to verify ID with buyers/sellers you engage with.

LBC has been around for years and it's not like they're selling your identity to anyone or whatsoever; they just needed to do that in order to maintain their business.

I'm not so worried about Localbitcoins selling my ID documents. I am worried about their database being hacked, potentially compromising many thousands of peoples' identities. After the massive Equifax breach last year, I am very paranoid about who gets my data. Localbitcoins may be subject to data protection laws, but I doubt the penalties are stiff enough to ensure that your data stays safe. In fact, that's the main reason why I have lowered my exposure to centralized exchanges.

Would want to avoid id verification for similar reasons. Any clue what the threshold is? My existing ads are continuing for now, only new ones can't be created. I shall continue this way if existing ones continue to exist irrespective of trading volume.

indiangrad
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January 14, 2018, 02:34:32 AM
 #7

This seems to be a new rule - a discussion going on on lbc forum:
https://localbitcoins.com/forums/#!/general-discussion:localbitcoins-now-require-i

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January 14, 2018, 09:56:03 AM
 #8

This seems to be a new rule - a discussion going on on lbc forum:
https://localbitcoins.com/forums/#!/general-discussion:localbitcoins-now-require-i

The localbitcoins may added that rule recently,when I try to trade my bitcoin then it will ask for the ID to confirm.So it maybe necessary or compulsory to verify our identity to initiate trades on localbitcoins.Or it may changes to the different countries jurisdiction but there is no clear details about this on their website.

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indiangrad
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January 23, 2018, 03:37:54 AM
 #9

Still no formal update from localbitcoins

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January 23, 2018, 04:33:01 AM
 #10

Being based in Finland I’m sure they want to be KYC/AML compliant rather than risk scrutiny by EU and US watchdogs. We all have our privacy concerns and most of us prefer to keep our passports and ID under lock and key and away from prying eyes. This all comes with a price of course.

I have dual citizenship and when asked by exchanges like Localbitcoins and Bitstamp to authenticate my identity I provided the passport I don’t travel with. I’m of course worried about their databases one day being hacked into or misused by an unhappy fired employee. Immigration is now linked to all kinds of databases and I would prefer to avoid being probed with questions when I go through passport control.

I think it’s safe to disclose ID information to Localbitcoins. Finland’s data protection laws are robust and the country ranks low in the corruption scale. It is consistently one of the least corrupt countries on this planet.

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January 23, 2018, 04:37:22 AM
 #11

I guess this is how Bitcoin gradually loses it's anonymity of transactions. It's not through regulating Bitcoin itself, it's through regulating the exchanges and points of contact. Not a problem if you are doing legit business. But even then, it's just another minor invasion of privacy.
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February 08, 2018, 10:27:11 PM
 #12

https://steemit.com/localbitcoins/@mikeparker/localbitcoins-com-just-lost-90-of-their-userbase

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April 04, 2018, 12:50:09 PM
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In the article said that there is no alternatives Undecided Author definitely didn't know about hodlhodl.com - new global P2P cryptocurrency exchange that doesn't hold funds and with no KYC/AML
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April 05, 2018, 12:11:25 AM
 #14

I think it's safe to provide ID to them too. However one of the big attractions of localbitcoins was indeed that you could trade anonymously, and that's a big downside now that you need to get verified to create an ad. As a trading platform that deals with bitcoin you clearly do not want to be under the scrutiny of any regulators that could shut you down.

Even though this came out in January my existing active advertisements continued to run well into February or March, I believe. That's when I noticed the new rules.

You can still be the "taker" of an advertisement though and you don't need to be verified to do that, so if you want to buy bitcoin or sell bitcoin it's still possible through Localbitcoins, only thing is that you'll get worse rates. Most pro traders on LBC are already verified anyways.

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April 16, 2018, 06:24:51 AM
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In the article said that there is no alternatives Undecided Author definitely didn't know about hodlhodl.com - new global P2P cryptocurrency exchange that doesn't hold funds and with no KYC/AML

great to know! But we need a large userbase

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