Why Local bitcoin trading site doing KYC NOW

[Ambucrypto369]

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?

[dunfida]

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?

Not a surprising thing and sooner or later most exchangers would imply this KYC thing which theres nothing we can do anything about it but to comply
since we are using up their service.Finding new one? You cant yet you would stick out to the best ones therefore you dont have any choice but deal with it.
You would risk on sending out info than on using up unknown platforms.

[Slow death]

according to them:

“adapt to the current regulatory environment.”

LocalBitcoin Loses Traders After Cash Trading Ban: 'Not Very Local'

they have no choice, they should ask their clients to do KYC

already we facing various issues from government sides...

yes, now that we are facing governments

[CryptopreneurBrainboss]

Possible it was as a result of complying with government regulations and also to reduce the high rate of scam on the exchange, it triggered the implemention of security measures to at least reduce the effect as scam general can't be eliminated but it can be reduced. Currently the KYC feature is the easiest way to achieving that goal (reducing the rate of scam) that's why it's service has to be employed. We have other alternative P2P exchange that don't require kyc you can used them if you're not comfortable with using Localbitcoin exchange.

[Ambucrypto369]

according to them:

“adapt to the current regulatory environment.”

LocalBitcoin Loses Traders After Cash Trading Ban: 'Not Very Local'

they have no choice, they should ask their clients to do KYC

already we facing various issues from government sides...

yes, now that we are facing governments

Now traders searching for decentralised otc platforms works in escrow method without doing KYC.

[omonuyak]

From what we are seeing happening now every exchange especially the local one are developing terms and conditions that will allow them to do business under the government laws. I also believe that KYC is one of the ways to prevent scamming, evil people from using the exchange and comply with the government's agencies.

[timerland]

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?

What are you talking about? I myself is still able to trade on LBC despite the fact that I haven't even completed Tier 0 verification yet. Is it something that is specifically on your end where you've exceeded their unspoken threshold?

As far as I know though, you're still able to trade anonymously at least until September, where their tiered verification system will actually come into play.

But the decision to go with extended KYC isn't something that has surprised anyone, in my opinion. It was clear to begin with that they were going to have to start doing this sooner rather than later, with EU (where they are located) regulations tightening as well as G20 talks of global regulations for BTC. Paxful and others will most likely follow suit as a matter of time.

[Bunsomjelican]

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?

As far as I know, all centralized local exchange are really requiring their clients to submit KYC. And I don't see any wrong with it, unless if the client is using dummy or you are hiding your real identity, well if that's the case there is a problem for Him/Her to submit KYC. And its normal for centralized based system to implement this KYC to prevent scammer and to protect their users too.

[Ambucrypto369]

KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly,

I don't see KYC as a problem for a genuine trader who likes that his money is secured because the purpose of it is actually for security both for customer and the platform or exchange.

I'm using the same id with binance and bittrex exchanges they accepted ...but it is very difficult to do kyc with LBC...its not user friendly

[hugeblack]

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

Why do you think this is surprising? I post a topic about it ^[1] several months ago?
This platform is in the European Union and therefore operates in accordance with the restrictions imposed by the EU (thus anti-money laundering laws.)
They set a soft accountting system of imposing KYC restrictions where they are imposed based on accounts levels.
Read more ----> https://localbitcoins.com/blog/aml-features-update/

[1] localbitcoins | AML regulation

[princerepon]

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?

When i start trade with Bittrex there is no KYC there and now you have to verify your self before start trading otherwise you are not eligible for trade. And the most important thing is many crypto exchange want now KYC and there is no doubt upcoming exchange also will want KYC. They are doing this many reason and one of the main reason is security. We can't do nothing about it. Just deal with it.

[aries9]

 I think it's been established that protection from fraud and losses due to illegal funds and transaction are the two major issues that KYC is aspiring to solve. But it may also deter participants who are moving away from fiat into cryptocurrency simply because of it's promise to protect privacy and provide ease of transaction. Some folks might see this implementation as a watering down of cryptocurrency's main feature, decentralization and anonymization.

[dothebeats]

Regulatory pressures from all fronts, first and foremost. Even though their platform have waned in volume over the years through the introduction and rise in popularity of centralized exchanges, they still want to keep their business afloat and mind you, in the Asia region they are still getting a pretty nifty customer base all in all. Personally I wasn't so shocked that LBC would be asking more KYC information than it used to in the past because I am somewhat updated in the regulatory status of crypto in some countries, and it's their only way to continue doing business with us.

[MonsterV]

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?

When i start trade with Bittrex there is no KYC there and now you have to verify your self before start trading otherwise you are not eligible for trade. And the most important thing is many crypto exchange want now KYC and there is no doubt upcoming exchange also will want KYC. They are doing this many reason and one of the main reason is security. We can't do nothing about it. Just deal with it.

With time, we just want to accept this decision. Because I am sure there will be more exchanges that will apply KYC to its users. So if we still want to trade, then we have to obey the rules. If we are afraid to do KYC, it is better to make sure we use good and responsible exchanges. Now we are just waiting for time, when this regulation will be implemented in all exchanges. btw actually I also don't want regulations like this, but I can't do anything, I'm just a trader who needs an exchange.

[fullhdpixel]

I guess you are new to the system because this is not the first time that Local exchange sites will be requesting for KYC, ever since the whole spirit of KYC came on them all, virtually everyone has been requesting for KYC to the extent that even scammers too are requesting for KYC.

Projects are also requesting KYC from bounty hunters also, so this is what we are already used to and there is nothing we can absolutely do to curtail that for now till further notice. If you say traders are decreasing, how do you know that traders are decreasing because of KYC, because there is nowhere statistics is being generated for that, so I wonder where you got that idea from, if traders are reducing, then who are the people still pumping money into bitcoin then.

[el kaka22]

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?

I think it is about governments and how much you want to go against them as well. I mean if the government you base your operations in wants your KYC and asks the company to ask for KYC in order to give it to them and then there is nothing the company can do.

What are you expecting them to do tell the government no? That would have big repercussions and they would finally raid the place to get all of the information themselves or close the company down. That is why if a government asks something like that they would have to apply it to their website and follow the rules, otherwise they would have to pay the penalty. These are not anarchy ridden countries we talk about, they are huge and they do not want money laundering to get easier in their nations as well so it is understandable.

[jrrsparkles]

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?

It's just because of the moving from one country to the new country and kyc is about the country which they are going to be launch our place their new official Place to run their website. from the coming September local Bitcoin website need new verification system to be completed to continue trading on it and also it still has privacy for the low limit traders and it's good to to save them from involving in money laundering activities.

[bitgolden]

Imo kyc is really inevitable to crypto exchange sites. It is a way to know their user's identity to prevent money laundering. For me if the site is well reputated I would submit my info to them to prevent some issues in the future. The user should be smart on which site where he will provide his private info to prevent his identity being sold on the black market.

I don’t know why everyone is just so crazy about the KYC thing has if it is cryptocurrency that first introduced it, just because everyone wants to hide under decentralization does not mean some rules cannot be broken, this decentralization and the fight against KYC is what has made lots of people lost the money to scammers. Everyone just needs to understand that KYC is really a requirement by government for anything that has to do with money, and we have been doing tit with our traditional banks.

For those who are looking for jobs, do they know how many times they have even dropped their credentials with job recruiting agencies without collecting them back, and what have they don’t with them? So nothing serious about KYC and like you said, we just have to ensure that we give it to the right site.

[Ucy]

You can't blame them too much. KYC was made mandatory by government across board and it didn't affect just the site
It is a centralized peer-to-peer exchange with a known office... so it is expected they would comply.

Have you tried decentralized peer-to-peer exchange like bisq? I think they do almost thesame thing without KYC.

[Reid]

I bet they got a paper saying this should be done from the government into which country they reside.
This is for their company to keep on going.

Well, they may lose some customers but it may strengthen their security or the security of those who trade here.
I do agree much with KYC for it loses the privacy of one human being.
But if you are doing a lot of transactions specially at that exchange then maybe it could be a good thing.

Anyways, you could go look out for more if you dont like the new rule.