August 5, 2021

LocalBitcoins introduces mandatory verification of traders with “mean …

LocalBitcoins Introduces Mandatory Verification Of Traders With “Significant Volumes”

The popular OTC cryptocurrency trading platform LocalBitcoins seems to have decided to make significant adjustments to its own rules..

LocalBitcoins Introduces Mandatory Verification Of Traders With “Significant Volumes” Popular OTC ...

The company hasn’t made an official announcement yet, but a Reddit discussion started by a user who posted a screenshot to support his words suggests that the topic is hot for the community..

LocalBitcoins Introduces Mandatory Verification Of Traders With “Significant Volumes” Popular OTC ...

According to the submitted message, users whose trading volumes in the last 12 months are considered “significant” by the company will have to provide an identity document in order to continue buying or selling bitcoins..

LocalBitcoins Introduces Mandatory Verification Of Traders With “Significant Volumes” Popular OTC ...

As expected, users accepted the changes to the platform’s rules with coolness and moved on to discussing alternatives such as Bisq and the recently launched semi-decentralized platform Hodlhodl.

“Trading volumes are significantly lower on both, but this looks to be about to change,” writes one commentator..

“I see no reason that would prevent traders from switching to these two services, given that the commissions are lower there,” adds another.

However, some found a positive moment in this news. For example, Twitter user Collin Crypto writes: “The era of money laundering has finally come to an end.”.

Community members began to speculate that LocalBitcoins could introduce mandatory verification back in January this year, amid a general tightening of cryptocurrency regulation. LocalBitcoins is registered in Finland.

LocalBitcoins Introduces Mandatory Verification Of Traders With “Significant Volumes” Popular OTC ...

Previously, users demonstrated a commitment to the service, including because it pursued its policy in accordance with the spirit of the cryptocurrency community, grouping transactions to reduce the load on the bitcoin blockchain and creating “mirrors” for countries where its site was blocked.

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