Why Local bitcoin trading site doing KYC NOW

[akram143]

General Data Protection Regulation (GDPR) which is a European Union decree on data protection and privacy and the other regulation from Finland they had to obey. It is either this or the pressure to shut down  their establishment will always be mounted on them.

This is the exact reason why they are asking for KYC to trade on their website still people got less than one month to submit their KYC or else they can't trade on their LBC account.

[sana54210]

General Data Protection Regulation (GDPR) which is a European Union decree on data protection and privacy and the other regulation from Finland they had to obey. It is either this or the pressure to shut down  their establishment will always be mounted on them.

This is the exact reason why they are asking for KYC to trade on their website still people got less than one month to submit their KYC or else they can't trade on their LBC account.

The policy is not the problem, but what the sites receiving the information do with the data is what gives people head ache, you get data from people free and then you monetize the data behind them without their knowledge and permission, so if there is going to be any regulations also, there should be a regulation strictly stopping these companies from selling or abusing the data.

I am aware that they have one in place already which is why Facebook was slammed some charges of recent for violating people’s data, but that was just money charge which to me is not a punishment because the company has the money, but they need to make it a little stricter by making defaulters go to jail, and maybe if they have such regulation in place, people would trust KYC at all time.

[imstillthebest]

General Data Protection Regulation (GDPR) which is a European Union decree on data protection and privacy and the other regulation from Finland they had to obey. It is either this or the pressure to shut down  their establishment will always be mounted on them.

This is the exact reason why they are asking for KYC to trade on their website still people got less than one month to submit their KYC or else they can't trade on their LBC account.

The policy is not the problem, but what the sites receiving the information do with the data is what gives people head ache, you get data from people free and then you monetize the data behind them without their knowledge and permission, so if there is going to be any regulations also, there should be a regulation strictly stopping these companies from selling or abusing the data.

I am aware that they have one in place already which is why Facebook was slammed some charges of recent for violating people’s data, but that was just money charge which to me is not a punishment because the company has the money, but they need to make it a little stricter by making defaulters go to jail, and maybe if they have such regulation in place, people would trust KYC at all time.

the policy of requiring a kyc is always a problem . reputable sites like localbitcoins are legit and i dont think that they will use or sell thier users data just to earn a profit because thier platform is already famous and they are already earning lots of money with it  . anyone knows what happened to fb about selling peoples data , so i guess others company learned a lesson from that that selling data's are illegal and have a big penalties  .

[RealMalatesta]

With the new kyc hack at the binance front (I think it wasn't binance but still we know something got hacked) we can clearly see that KYC is not as safe as people think it is. I mean I have never given my KYC except one website that I am sure even hackers wouldn't mind and wouldn't care to hack, aside from that I am very anti-kyc. If the website allows me to do 2 btc moves without kyc than I would stay under 2 (not as an option actually, because I do not have 2 btc but even if I did I would stay under).

KYC is really just something super dangerous and risky that we try to do and people are not realizing how dangerous it is when trying, yeah you may end up using this good website in the end but at what cost? You are giving your identity to someone else for a chance to be on binance, makes no sense to me.

[Kemarit]

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

The government has putting a lot of pressure, everything that involves crypto in general including LBC. And to be fair, there are a lot of exchange platforms who succumbs before LBC does. And in the next coming years, authorities will be more aggressive and will push for KYC implementation.

I don't think it will give negativity though, well it depends on how you look at it, lots of pros and cons. However, if this is one way to really protect us traders then it will be the best solution, win-win for us.

[sana54210]

the policy of requiring a kyc is always a problem . reputable sites like localbitcoins are legit and i dont think that they will use or sell thier users data just to earn a profit because thier platform is already famous and they are already earning lots of money with it  . anyone knows what happened to fb about selling peoples data , so i guess others company learned a lesson from that that selling data's are illegal and have a big penalties  .

One question I usually do ask that I have not gotten an answer to is what the data that is being sold is for, those who are buying it, what exactly do they use the data for, because all I have been hearing people accused these sites for is selling of data, I would like to know who are the people buying this data and what could they possibly be using those data for.

In my country, I know that people do sell phone numbers, I mean telecommunication companies, they sell numbers to people that needs it for marketing purpose. Today, I heard that Binance database was hacked into to seal data, and I wonder why the hacker went for the data and not the money, which means the data are worth much more that the money that they have on the exchange wallets.

[EdvinZ]

Apparently LocalBitcoins followed the requirements of the regulator and this is a necessary measure. KYC procedure is being introduced everywhere. In addition, as noted above, KYC can help reduce fraud, which is in the interest of honest users.

[Ferris419]

This is not surprising at all. When decentralized exchange like IDAX planning to ask KYC, So, it is normal for local bitcoin trading sites. I am not sure, but after Trump's tweet about cryptocurrency, most of the trading sites are implementing KYC, and we have nothing to do except following their terms!

[pundit]

Are you people sure if LBC is asking for KYC? I just logged in and checked but there is no pop up like thing for KYC. I am able to do transactions same as earlier. Perhaps KYC procedure may be for some specific countries. If Local Bitcoin is asking for it, there may be some regulatory pressure from local govt.
Local Bitcoin is a trusted website, I do not think there is any issue doing KYC there but there may be govt interference in all the transactions being carried out there and that will a matter of worry for sure.

[Findingnemo]

Are you people sure if LBC is asking for KYC? I just logged in and checked but there is no pop up like thing for KYC. I am able to do transactions same as earlier. Perhaps KYC procedure may be for some specific countries. If Local Bitcoin is asking for it, there may be some regulatory pressure from local govt.
Local Bitcoin is a trusted website, I do not think there is any issue doing KYC there but there may be govt interference in all the transactions being carried out there and that will a matter of worry for sure.

You won't see any warning if you didn't cross the limits of lower tier,but you can check the verification status under your profile to know the new tier verification.It is for everyone and it is not yet implemented,you need to complete before September because I think from September one is going to be the new tier verification process gets implemented.

[RealMalatesta]

The government has putting a lot of pressure, everything that involves crypto in general including LBC. And to be fair, there are a lot of exchange platforms who succumbs before LBC does. And in the next coming years, authorities will be more aggressive and will push for KYC implementation.

I don't think it will give negativity though, well it depends on how you look at it, lots of pros and cons. However, if this is one way to really protect us traders then it will be the best solution, win-win for us.

The reason for which government is pushing for kyc from these exchanges is already showing, it is just a way for them to be able to regulate the cryptocurrency market and not because they want any form of protection for us. Since, cryptocurrency has its anonymous nature that makes it difficult for transactions to be visible to them, they already know that the easiest way would be for them to go through these exchanges since virtually everyone must transaction on the exchanges.

Therefore, kyc become the only tool for them to identify those that are using cryptocurrency so that they can be tax and I read that majority of these government now are beginning to draft some policy on who crypto currency tax covers and whom it does not.

[jaocoincrypto18]

We can't blame them as they are just following the government mandate per regulation policy in which every crypto users of every exchange should submit to KYC procedure or face the consequence. For me there is nothing wrong with the KYC as long as the exchanges are legit and that we are legit person too.