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Author Topic: Localbitcoin tier verification deadline extended! :)  (Read 113 times)
Findingnemo
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August 22, 2019, 05:10:51 AM
 #1

Localbitcoin announced that user need to verify their tier before September 1 to continue trading if the limit exceeds but now they have extended it one more month for the users to complete the verification,I guess this is due to their internal errors while verification which takes weeks to get verified now they mentioned that verifaction forms are available for all tiers so get yourself verified guys if you are doing trading on LBC too often.

August 21st, 2019
   
The verification forms for all account Tiers have now been enabled. In order to ensure that every user will have able time to update their account’s status, LocalBitcoins has extended the deadline to provide Tier verification. Existing users will have until the 1st of October to upgrade their verification according to their account’s respective Tiers.

After the 1st of October, accounts that exceed their Tier transaction and trade volume limits and have not yet provided verification for the following Tier will be suspended from trading until the compatible verification is completed. Trade volume and incoming transaction volumes are calculated separately, i.e. your account moves into the next Tier when either your transaction or your trade volume (not their sum) reaches the current Tier limit. Volume data correspond to the last 12 months and it is updated hourly.

As a general rule, the documents accepted for verification must be valid internationally (ex. international passport and international driving license) and you can consult the list of accepted documents per country to see all valid options for your location. Verification with national documents emitted by Russian and Chinese authorities will start being processed at the end of August. Documents submitted as proof of address can be provided in several languages, but it is recommended to use a correspondence in Latin characters with your full address and your name written as in your LocalBitcoins account.

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August 22, 2019, 09:10:17 AM
Merited by malevolent (1)
 #2

Is it because there are only few previous user who have verified their information that's why they are extending? I can't blame those users if that's the case. 


Quote
After the 1st of October, accounts that exceed their Tier transaction and trade volume limits and have not yet provided verification for the following Tier will be suspended from trading until the compatible verification is completed.
If users can still complete the required verification, I don't really see why it should be extended.

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August 22, 2019, 11:54:37 AM
 #3

Is it because there are only few previous user who have verified their information that's why they are extending?

I bet that's the case. They probably expected more users to go through KYC, they aren't happy with the numbers they have. I wouldn't be surprised if we'll be hearing of layoffs in the near future, as happened with Shapeshift after deciding to introduce KYC.

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August 22, 2019, 12:56:36 PM
 #4

Is it because there are only few previous user who have verified their information that's why they are extending?

I bet that's the case. They probably expected more users to go through KYC, they aren't happy with the numbers they have. I wouldn't be surprised if we'll be hearing of layoffs in the near future, as happened with Shapeshift after deciding to introduce KYC.
Personally I did this KYC verification months ago but got verified only recently this is due to the error on their verification system and I guess now they did enabled all verification everyone can get verified sooner than how it was before.But they actually given very short time to verify so they probably expending it.

And also many traders not aware of these tiers until now so every LBC user got warning message from them about this issue as well now only.

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August 22, 2019, 01:17:13 PM
 #5

I bet that's the case. They probably expected more users to go through KYC, they aren't happy with the numbers they have. I wouldn't be surprised if we'll be hearing of layoffs in the near future, as happened with Shapeshift after deciding to introduce KYC.

Same thoughts. The percentage of their total users that actually submitted KYC information is probably a big minority; and they're probably expecting that their users that will get their accounts suspended(due to not submitting KYC) will get turned off from using their platform.

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August 22, 2019, 10:03:17 PM
 #6

I bet that's the case. They probably expected more users to go through KYC, they aren't happy with the numbers they have. I wouldn't be surprised if we'll be hearing of layoffs in the near future, as happened with Shapeshift after deciding to introduce KYC.

Same thoughts. The percentage of their total users that actually submitted KYC information is probably a big minority; and they're probably expecting that their users that will get their accounts suspended(due to not submitting KYC) will get turned off from using their platform.
As expected for services or platforms that do switch up on KYC path there would always be an effect into its users numbers and not all would abide on such changes.
Everyone or majority does hate kyc and only loyal customers will remain and many will just be forced up to comply because they dont like for their
accounts to be blocked or suspended.



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August 22, 2019, 11:03:51 PM
Merited by malevolent (1)
 #7

I was one of the people who heavily used localbitcoins but after the introduction of KYC... I have even never logged in since then. Even if they extend the deadline to 2 year, I don't i will upload my documents and i believe there are lots of users out there just like me.

They will subsequently lose a lot of traders due to this sort of crap.

Some Binance Local fiat exchange branches also had such stringent rules for KYC upon launching where you would not even be able to trade a single cent minus first uploading your docs but guess what?
They already started including trade limits and withdrawal limits for accounts that have not uploaded any docs. Meaning you can still trade without uploading anything.

So until then, Bitsq and binance  will be of great use.
Local bitcoins can die already  Cheesy

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Findingnemo
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August 23, 2019, 04:17:27 AM
 #8

I was one of the people who heavily used localbitcoins but after the introduction of KYC... I have even never logged in since then. Even if they extend the deadline to 2 year, I don't i will upload my documents and i believe there are lots of users out there just like me.

Local bitcoins can die already  Cheesy

Localbitcoin website asked me to verify the identification from my country when I am registering on it and I guess it will apply for all the country users so user who verify using ID will get limit of 20,000 euros as annual limit and its okay for the normal investors who just want to buy and hold but the guys like me doing trades on fiat to crypto and vice versa needs address document as well for increasing the limit so I just did for my own benefits and I don't think LBC to be consdiered to other shit exchanges.

LBC is most preferred site for many people still so I don't think any decrease in the users until now at least in my country since I am getting more trades such like before.

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August 23, 2019, 05:22:41 AM
 #9

Is it because there are only few previous user who have verified their information that's why they are extending? I can't blame those users if that's the case. 
I am willing to speculate they are having problems verifying one or more groups of people that is larger than they are willing to effectively be banned from using their platform. Or they could have a backlog of account verifications they need to process that is larger than they are comfortable with.

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