Bitcoin Trading Platform LocalBitcoins Requires Personal Information

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The local peer-to-peer trading platform, LocalBitcoins, introduces anti-money laundering (AML) and know-your-customer (KYC) measures and grabs criticism in social media.

AML & KYC: Only for listings?

The LocalBitcoins platform has not issued any regulatory compliance guidelines or comments on the events. Nevertheless, it seems that users must provide personal information, such as personal information. The identity card to continue to use the service and continue to buy or sell Bitcoin.

The changes come at a time when regulation is paramount. LocalBitcoins, based in Finland, probably had to bow to pressure from local authorities.

LocalBitcoins users wanted one thing above all: privacy. With an account and some cash Bitcoin could be bought. That does not seem to be possible anymore. The LocalBitcoins community is looking for a new service that does not require data, as the Tweet by Bisq — a decentralized exchange — proves.

Bisq is a decentralized Bitcoin exchange that does not require users personal information. However, the use of this service is complicated, so beginners may have difficulties with it. Another alternative to LocalBitcoins is It is not decentralized but easier to use than Bisq.

Author: Marko Vidrih

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