Local bitcoin tier verification issue!

[Findingnemo]

In the recent days I am constantly doing trading on localbitcoin through creating advertisements but from the past few weeks I am getting notification of verification needed to continue trading which is called tier level.I already verified tier 0 and tier1 but still I did passed the limit of tier1 so I need to verify tier 2 which ask for bank statement and much more documents,even I did upload everything its still in the process for more than 48 hours.

Anyone has experience with this?

[1714158555]

1714158555

[mk4]

This can take time depending on how much people they're verifying. With another exchanges(I really don't remember which one specifically as this was years ago), I've experienced even longer than 2 weeks. I just messaged them, and it somehow probably caused them to prioritize mine. Though of course, it's going to differ from exchange to exchange.

I suggest waiting a few more days, and contact them if you get too impatient.

[Patatas]

In the recent days I am constantly doing trading on localbitcoin through creating advertisements but from the past few weeks I am getting notification of verification needed to continue trading which is called tier level.I already verified tier 0 and tier1 but still I did passed the limit of tier1 so I need to verify tier 2 which ask for bank statement and much more documents,even I did upload everything its still in the process for more than 48 hours.

Anyone has experience with this?

Yes, been through it. The process takes a bit of time and I think your trades are suspended until your verification is done. If you've submitted the documents rightfully, you should be sorted soon. Not to mention but it also depends on what country you come from and the documents you are requested. I don't recollect submitting any bank statements.

[AdolfinWolf]

In the recent days I am constantly doing trading on localbitcoin through creating advertisements but from the past few weeks I am getting notification of verification needed to continue trading which is called tier level.I already verified tier 0 and tier1 but still I did passed the limit of tier1 so I need to verify tier 2 which ask for bank statement and much more documents,even I did upload everything its still in the process for more than 48 hours.

Anyone has experience with this?

Any popular P2P exchange does this nowadays.

Not sure on LBC, but on Paxful vendors need to verify their ID after 1k USD traded, and their adress (which includes a bank statement + utility bill) after 10K USD traded. I can't imagine being it much different on LBC, if not even stricter.

https://paxful.com/blog/id-and-address-verification-update/

[harizen]

48 hours of waiting is still under the "tolerable waiting period". I got verified by Poloniex for almost a week. Binance takes 4 days. Documents are clear.

Since LBC's tier system is quite new, we can assume that they currently have a large volume of request.

But again, give them a few days more. You can consider sending them a query for heads up on maybe after 5 days.

[Findingnemo]

In the recent days I am constantly doing trading on localbitcoin through creating advertisements but from the past few weeks I am getting notification of verification needed to continue trading which is called tier level.I already verified tier 0 and tier1 but still I did passed the limit of tier1 so I need to verify tier 2 which ask for bank statement and much more documents,even I did upload everything its still in the process for more than 48 hours.

Anyone has experience with this?

Yes, been through it. The process takes a bit of time and I think your trades are suspended until your verification is done. If you've submitted the documents rightfully, you should be sorted soon. Not to mention but it also depends on what country you come from and the documents you are requested. I don't recollect submitting any bank statements.

They asked me for address verification where they need me to provide bank document with full address on it and luckily I got it and waiting for their approval.

I will wait for two more days or else will raise the support ticket.

[malevolent]

Is there any way to get around the bank statement? Some other document? What if someone lives mostly off-the-grid and only does in-person cash trades?

OP, if you don't mind, could you post the list of documents required for Tier 2 verification? They have a checklist here: https://localbitcoins.com/blog/id-verification-update/ but it's pretty vague, some items seem redundant on that list.

[timerland]

Is there any way to get around the bank statement? Some other document? What if someone lives mostly off-the-grid and only does in-person cash trades?

1. I don't think that there is even an option for in person cash trades anymore on localbitcoins. If you click on "post a trade" you'll be greeted with 2 options only, none of which is cash-related:



2. You raise a very valid concern, but it's not within LBC's powers to make a change imo. They're likely only doing this because of regulatory pressures. They simply wouldn't do this if there was none of that - they know well enough that they'd be losing out on a lot of potential customers.

However, Tier 1 verification is still available for these people, and I'm fairly sure that you're still able to trade anonymously or with little legitimate verification for an amount up to $1k cumulative.

[dothebeats]

Is there any way to get around the bank statement? Some other document? What if someone lives mostly off-the-grid and only does in-person cash trades?

1. I don't think that there is even an option for in person cash trades anymore on localbitcoins. If you click on "post a trade" you'll be greeted with 2 options only, none of which is cash-related:

This depends on where you are in the world. Here in the Philippines, I can still do cash-based trades on LBC, and they are still pretty active and a lot of traders are still using the platform even up to this day. But then again, expect a lower amount when you sell your bitcoins to them and a premium of at least 5% of the spot prices in the local exchanges when you wanted to buy. I also see that same page where you're referring to, and it does not give me any other different methods but there are adverts which still have their preferred payment method as in-person cash, at least for some of the verified, trusted users that is.

2. You raise a very valid concern, but it's not within LBC's powers to make a change imo. They're likely only doing this because of regulatory pressures. They simply wouldn't do this if there was none of that - they know well enough that they'd be losing out on a lot of potential customers.

Ditto. They are losing a lot of users honestly with centralized exchanges being favored upon by regulatory bodies. I think it's a matter of time before LBC gets off the grid and completely succumb to regulatory pressures.

In the recent days I am constantly doing trading on localbitcoin through creating advertisements but from the past few weeks I am getting notification of verification needed to continue trading which is called tier level.I already verified tier 0 and tier1 but still I did passed the limit of tier1 so I need to verify tier 2 which ask for bank statement and much more documents,even I did upload everything its still in the process for more than 48 hours.

Anyone has experience with this?

I am level 2 verified on LBC (and IDK why I did that) and it took 4 business days before everything is processed and sorted out between the bank and LBC. It usually takes longer for confirmation but I might have been lucky on that occasion.

[malevolent]

1. I don't think that there is even an option for in person cash trades anymore on localbitcoins. If you click on "post a trade" you'll be greeted with 2 options only, none of which is cash-related:

Weren't they supposed to re-introduce in-person cash trades after having revamped their verification system? It would suck if they weren't to return, that was the whole point of using localbitcoins. I'll find my login info to check if it works.

edit: I see only online ads in my country, nothing has changed for the better since the cash ads were removed

[timerland]

1. I don't think that there is even an option for in person cash trades anymore on localbitcoins. If you click on "post a trade" you'll be greeted with 2 options only, none of which is cash-related:

Weren't they supposed to re-introduce in-person cash trades after having revamped their verification system? It would suck if they weren't to return, that was the whole point of using localbitcoins. I'll find my login info to check if it works.

edit: I see only online ads in my country, nothing has changed for the better since the cash ads were removed

Where did you get that info?

This was the official press release regarding cash trades that I saw a month back or so on their twitter, and I haven't seen any new updates post tiered verification system is implemented:



It's very unlikely then that the removal of cash trades had something to do with the tiered system - they were going to introduce that regardless, it seems. Rather, it's more to do with the overall connotations that "cash" brings, as opposed to online methods that are traceable to regulatory authorities.

We have to expect tightening regulations at this point, without any easings. Though for most people's purposes I think tier 2 is still quite overkill, you're probably better off verifying @ tier 1 first and maxing out your tier's trade limit before you move onto tier 2 for privacy's sake.

[malevolent]

Yeah, I figured if they already had plans to change their verification system, in-person cash trades would be OK again, turns out not necessarily, maybe outside the USA+EU, e.g. in the Philippines as dothebeats is saying.

[Findingnemo]

In the recent days I am constantly doing trading on localbitcoin through creating advertisements but from the past few weeks I am getting notification of verification needed to continue trading which is called tier level.I already verified tier 0 and tier1 but still I did passed the limit of tier1 so I need to verify tier 2 which ask for bank statement and much more documents,even I did upload everything its still in the process for more than 48 hours.

Anyone has experience with this?

I am level 2 verified on LBC (and IDK why I did that) and it took 4 business days before everything is processed and sorted out between the bank and LBC. It usually takes longer for confirmation but I might have been lucky on that occasion.

Level 2 means tier 1 and I am also got verified then I submitted the ids they were asking for but even the level 2 is not allowed for me so I need to go for the next level which is called tier 2 and it takes me more days and still get nothing.

[Findingnemo]

Quick update:

Raised the support ticket and the got reply as well, replied that they don't have estimated time frame for the tier 2 to verification process so we need to to wait until they are doing it but the good thing is tier level system only work from the September, hopefully my documents will get verified before that.

[Findingnemo]

Next reply from lbc support;

Hi!

Thank you for contacting us.

We are really sorry for the inconvenience. We are working on the address validation process right now so you can complete your Tier 2 Verification. Unfortunately we don’t have an exact time when this will be working properly, however, let us remind you that the suspension for going over your Tier limits won’t start until September the 1st.

We are working really hard on this, we appreciate your patience.

Let us know if you have any more questions.

---
Best regards,
LocalBitcoins

So if anyone facing the same issue,we may need to wait for few more days for the problem to get sorted out and then we can continue to use their site without any issues.

[monalia]

In the recent days I am constantly doing trading on localbitcoin through creating advertisements but from the past few weeks I am getting notification of verification needed to continue trading which is called tier level.I already verified tier 0 and tier1 but still I did passed the limit of tier1 so I need to verify tier 2 which ask for bank statement and much more documents,even I did upload everything its still in the process for more than 48 hours.

Anyone has experience with this?

Even on binance exchange you can find such level of account usage limit for every uses.
Inspiring to them I believe localbitcoins also doing the same to make the trading experience with levels of leverage for the every traders on their exchange.

[Findingnemo]

In the recent days I am constantly doing trading on localbitcoin through creating advertisements but from the past few weeks I am getting notification of verification needed to continue trading which is called tier level.I already verified tier 0 and tier1 but still I did passed the limit of tier1 so I need to verify tier 2 which ask for bank statement and much more documents,even I did upload everything its still in the process for more than 48 hours.

Anyone has experience with this?

Even on binance exchange you can find such level of account usage limit for every uses.
Inspiring to them I believe localbitcoins also doing the same to make the trading experience with levels of leverage for the every traders on their exchange.

I guess this new security and privacy terms because they were shifting their headquarters to new country. Isn't it?

But this will affect the localbitcoin customers which was most preferred due to its anonymity.

[davis196]

The localbitcoins auto ID verification system freakin' sucks.I tried to verify my ID 10 times and failed.
Can somebody help me with some tips about how to create better photos.
The photos of my ID are really blurry.
Maybe I should contact their support for a manual verification.

[Findingnemo]

The localbitcoins auto ID verification system freakin' sucks.I tried to verify my ID 10 times and failed.
Can somebody help me with some tips about how to create better photos.
The photos of my ID are really blurry.
Maybe I should contact their support for a manual verification.

Just try with a device which has better quality camera.Even I did asked for second time when I snap my first with 48Mp HQ pic.

I didn't see any manual verification process there.

[Findingnemo]

Finally got verified for tier2 verification level.

Hope everyone can do your verification process successfully in one month of time for the tier system to get implemented.