Why Local bitcoin trading site doing KYC NOW

[monalia]

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.

You are correct buddy when there is centralized business they will obviously looks for KYC verification kind of things to exchange cryptocurrencies to cash via Bank or any other online payment mode for fiat.
In my experience I used to exchange all my photo currencies using localbitcoins.com.
I believe none of the payment processor exchanges working like localbitcoins they were really splendid.

[Becky666]

Why should I be afraid of KYC?
Exchange provides security guarantees and this step is done for the convenience of all members to trade.
Many people try to cheat with fake accounts.
they can justify trading, of course the KYC prevents such users.

Although KYC can't be use to check cheating when its not referral based, traders aren't afraid of any KYC per se but there's the tendencies of the company to sell out traders information to the government without the consent of the trader. Personally am not afraid of KYC because I have nothing to hide as a cryptocurrency enthusiasts and an investors.

Few months from now, we will be seeing and hearing many other big exchanges complying with the government regulations irrespective of either decentralized or centralized exchange platforms, but we should embrace it because it for the good of the industry. Some exchanges will be run as in form of darkweb, till then, let's embrace this offer from them.

[Baofeng]

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?

Everything that involves bitcoin is somewhat prone to regulatory framework, and that's what happen to LBC. This is just part and parcel of crypto now, governments are really taking a stance and putting pressure to exchanges not just LBC but high tiered exchanges. LBC will continue its services as long as they comply. So it really boils down as to whether you would like to verify yourself and continue using their business.

[olamidey]

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 saw it coming. All Exchange are beginning to go the way of kyc. Even though we're not happy with it, we have no choice. It has huge volume and so much traders there. They lost funds of recent so they asked for it. Looks like our documents will be everywhere in the next 1 year.

[Ompyon]

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?

Everything that involves bitcoin is somewhat prone to regulatory framework, and that's what happen to LBC. This is just part and parcel of crypto now, governments are really taking a stance and putting pressure to exchanges not just LBC but high tiered exchanges. LBC will continue its services as long as they comply. So it really boils down as to whether you would like to verify yourself and continue using their business.

Yes, I think so too, exchanges that apply KYC will not lose their members just like that, because now almost all exchanges apply KYC for security. and in fact most crypto users don't mind it, provided that the exchange can also be trusted.

[Twinkledoe]

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

With this development, we are expecting that they are fully complying with the laws mandated for crypto exchanges, right? There's one benefit in this scenario. Traders or crypto users will be confident that they are dealing with legit traders as well. It is like a protection also for them.

[semobo]

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 the technology develops the problems also develops so that they are protecting their customers to be more safe and secured that's why I think they prefer to accept the KYC details before any transactions I think it will be a good implementation for the future also.

[sana54210]

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?

Everything that involves bitcoin is somewhat prone to regulatory framework, and that's what happen to LBC. This is just part and parcel of crypto now, governments are really taking a stance and putting pressure to exchanges not just LBC but high tiered exchanges. LBC will continue its services as long as they comply. So it really boils down as to whether you would like to verify yourself and continue using their business.

The more crypto grows, the more it becomes stricter a little in its operation, and even if such user does not like the issue of the KYC, he has no choice than to abide by it, except he wants to leave the cryptocurrency space completely, because if you take a look at all the companies., all the project s and all the exchanges we have.

They virtually do not joke with that policy and every one of them has implemented it, so even if you run from one exchange, you will definitely meet another exchange, that is how kyc has gone far to the extent of hunters doing kyc too lol. What I have only seen many people advise about this is that we need to just ensure we comply with KYC on a site that will protect the identity and keep the data collected secret as promised.

[davis196]

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 though that KYC isn't mandatory in Localbitcoins.It is mandatory only if you want to post buy/sell listings and for lifting some selling limits,AFAIK.
The expansion of KYC policies is something normal for the bigger crypto platforms.They all know want to follow the new crypto regulations in order to keep their business.We have no choice,except verifying our identity on such marketplaces.

[Thanasis]

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 though that KYC isn't mandatory in Localbitcoins.It is mandatory only if you want to post buy/sell listings and for lifting some selling limits,AFAIK.
The expansion of KYC policies is something normal for the bigger crypto platforms.They all know want to follow the new crypto regulations in order to keep their business.We have no choice,except verifying our identity on such marketplaces.

Their new KYC implementation will work from September 2019 and still no KYC for smallest limits so people who don't want to complete their KYC an use the low tier option but its mandatory when they pass their low tier limit.I think 20,000 euro will be allowed per year without completing any documents.

[Sharon121212]

Well what maybe  their mode of identify who or who is not from their locality.
A know your customer process would not hurt any one
I would appreciate it if the reason for the need for Kyc is of good and is safe for those who want to apply

[Lawrenzoo]

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?

Traders decreasing from where? How can that happen because of KYC.

[rhodelmabanal]

Government regulations is the main reasons why this happened, and it's expected that more trading sites on your locals will be soon implementing this. This is also the big factor why traders nowadays is facing difficulties, and also a reason for them to become hesitant on trading cryptocurrency.

[Saint-loup]

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?

So they stopped the trading in cash first and now they are imposing KYC to everybody ?  WOW It's a blow to Bitcoin.
Localbitcoins allowed to be free with your Bitcoins and to not depend on banks, but now it's just a useless platform.
I hope one alternative will quickly take its place and replace it as lead local exchange.

[eaLiTy]

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 authorities are putting pressure on them to comply with AML rules and regulations if not they will need to migrate to other countries where there lenient and if not they will force them to shut the site completely. I have not traded in LBC for sometime now and i am not sure about their policies now but if they are not friendly with the customers then they are bound to loose the customers as there are other ways to make transaction and Paxful is a good alternative.

[Saint-loup]

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 authorities are putting pressure on them to comply with AML rules and regulations if not they will need to migrate to other countries where there lenient and if not they will force them to shut the site completely. I have not traded in LBC for sometime now and i am not sure about their policies now but if they are not friendly with the customers then they are bound to loose the customers as there are other ways to make transaction and Paxful is a good alternative.

I don't understand why they don't just sell LocalBitcoins if they don't want to go to a more crypto-friendly country themselves. I'm sure many companies in the business of cryptocurrencies would be interested by this opportunity. LBC is the leader for local exchanges and most of people only knows and relies on it, so by doing that they are hurting bitcoin and bitcoiners from many places in the world.

[ethereumhunter]

I think the local bitcoin trading site wants to know who their customer and they want to know from where the money that is deposited to their website. They want to prevent the money laundering that happens in many places, and besides that, I think the government has watched them so they cannot risk their business by not doing that. Maybe they are bond with the regulation from the government, so they need to obey the rule if they want to continue the business.

[akram143]

When I created my account on LBC in the year 2017 they asked me to verify my account with government Identity and still they have same but different limits.We can trade upto $20K per years when we did address verification but if you are the person to trade more then you need to prove some income proof as well.

[justdimin]

Traders decreasing from where? How can that happen because of KYC.

I dint think so, It is just based on assumption that we think KYC is decreasing the number of users day by day, who caress about KYC from a system that is given one money, is just like me looking for a job now and they ask for KYC, do you think I would reject it, no I won’t do that, I will only ensure that the job is a genuine one.

Some months back, I could hear the sound of many people crying out loud for regulation, if cryptocurrency was to be regulated, do you know that one of the most in the regulation would be KYC, so I really don’t see why we should have issue with it. KYC is something that is beyond our control and there is no amounts of negativity we speak about it that will change it from being required because it is a government own policy.

[vintages]

They started this way back in 2018, though implementing a limited funds transaction for unverified accounts but came fully lately.
Left for them, they probably won't have done have asked for KYC since they know that is what attracted their customers but since the interference of 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.