LOCALBITCOINS ENABLES MANDATORY VERIFICATION

Updated: 03/27/2019 12:39
Reprints/Permissions  Hyip Monitor
localbitcoins mandatory verification
LocalBitcoins mandatory verification for the procedure of buying and selling bitcoins to comply with 5th European Union directive against money laundering
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LocalBitcoins mandatory verification for the procedure of buying and selling bitcoins to comply with 5th European Union directive against money laundering

LocalBitcoins is one of the oldest online portals for buying and selling bitcoin. Now, once anonymous exchange finally introduces a proper verification process. Anonymous purchases and sales of bitcoins will no longer exist. Yesterday, the exchange announced the introduction of new measures and mandatory verification to comply with the 5th European Union directive against money laundering. The directive entered into force on March 18. Although it is not specified how detailed the verification process will be on LocalBitcoins, however, anonymity will suffer anyway.

The new policy is a kind of disappointment for longtime users of LocalBitcoins. After all, the service has earned a legendary reputation in the cryptocurrency space for itself. The site seems to exist from the very beginning, linking buyers with sellers and helping them to meet and exchange bitcoins in person.

LocalBitcoins could wait until January 2020 to implement the changes, since the directive does not come into force fully until then. However, the company decided to innovate faster to avoid problems in the future. In the new EU law there are several provisions that will be felt in the field of cryptocurrency. For example, KYC is applied more regularly, and financial investors can receive addresses and identification data of cryptocurrency holders by mandate. Cryptocurrency exchanges and wallet providers should also be registered with the respective financial regulators of their countries.


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