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Author Topic: [2018-04-17] Localbitcoins Now Demands ID For ‘Significant’ Trade Volumes  (Read 116 times)
tyz (OP)
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April 17, 2018, 06:27:43 PM
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Localbitcoins Now Demands ID For ‘Significant’ Trade Volumes
Peer-to-peer Bitcoin trading platform Localbitcoins is causing controversy on social media after users complained about surprise anti-money laundering (AML) and know-your-customer (KYC) measures.
http://bitcoinist.com/bye-anonymity-localbitcoins-id-kyc/
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April 17, 2018, 06:57:35 PM
 #2

Localbitcoins Now Demands ID For ‘Significant’ Trade Volumes
Peer-to-peer Bitcoin trading platform Localbitcoins is causing controversy on social media after users complained about surprise anti-money laundering (AML) and know-your-customer (KYC) measures.
http://bitcoinist.com/bye-anonymity-localbitcoins-id-kyc/

It is indeed surprising that a platform which facilitates peer to peer trading is trying to implement measures which people usually expect from banks and arms of the government. The time is ripe for a decentralized platform to emerge as a popular alternative.


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April 17, 2018, 07:02:39 PM
 #3

Bisq or OpenBazaar can just take all of LocalBitcoin's previous business, no problem really.

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April 17, 2018, 07:30:35 PM
 #4

From my experience they ask for ID on every transaction. I think there is a space for a completely decentralised local bitcoin type website that links buyers and sellers. For low amounts anyway. I don't really blame then for introducing KYC. They will be shut down otherwise
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April 17, 2018, 07:37:09 PM
 #5

People can find each other anywhere on the Internet, even in places with no inbuilt escrow system (like here, for example).  People who are determined

The services that will gradually begin to grow in popularity are decentralised exchanges like Bisq so that people don't have to keep flocking between several different centralised platforms based on whoever temporarily has the best policies.

For now, this will probably make a dent in the market before people find the best solution for them.
From my experience they ask for ID on every transaction.
Individual sellers often do because they don't want to be caught out trading with criminals, but it wasn't imposed by the site.
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