Published On: Tue, Apr 17th, 2018

Localbitcoins Now Demands ID For ‘Significant’ Trade Volumes

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Peer-to-peer Bitcoin trading platform Localbitcoins is causing controversy on social media after users complained about surprise anti-money laundering (AML) and know-your-customer (KYC) measures.
AML/KYC: First Advertisers, Now Everyone?
A thread on the r/Bitcoin subreddit currently gaining significant exposure focuses on new obligations for Localbitcoins users wishing to advertise trades or who have “significant” trade volumes.

While the platform has not released official material regarding updates to its regulatory compliance policy, it now appears that depending on total annual volume, users may have to submit personal ID in order to continue buying and selling Bitcoin.
The changes come as regulatory conditions tighten around the world. Based in Finland, Localbitcoins may have encountered disclosure headaches of their own, commentators speculate.

Lots of interest and new followers today in the wake of the LocalBitcoins KYC news.
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Unsurprisingly, however, the seemingly new rules for those wishing to buy or sell Bitcoin produced a cool …

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