Localbitcoin KYC reply | Bitcointalksearch.org

eaLiTy

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Quote from: irfan_pak10 on April 16, 2020, 09:15:54 PM

How they come to know about my activities? As I never mentioned during KYC. What might be their External sources? And what is meant by a politically exposed persons?

I have no idea why they want to check your background about your activities to verify, usually when you hire an employee the employer usually check their social media accounts to know their politics and character but in this instance either the IP address range you are using might be flagged in their system and that is the only logical reason for rejecting your application.

Quote from: irfan_pak10 on April 17, 2020, 12:08:08 PM

Do you think LocalBitcoins going to share information with local government? In such cases, there might an issue.

Usually it happens only if there is a warrant against you and till now we have not heard any companies providing the individual information to any local government unless there is a serious allegation of fraud or criminal activities.

dothebeats

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Looks like a weird response to me. Perhaps your country is under FATF investigation, or at least placed under a watchlist that's why LBC is acting as if you guys are all 'politically-exposed' or connected to some high-ranking officials that may or may not place their services at risk. Whatever the reason may be, the response really makes you think how are they conducting the checks for your KYC documents. It's also improbable that they are working hand-in-hand with the government in this case..

AB de Royse777

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Quote from: binance-stole-funds on April 18, 2020, 11:07:26 PM

Quote from: AB de Royse777 on April 17, 2020, 12:02:20 AM

By the way, do you mind sharing the platform you use now?

Have you tried https://localmonero.co/ ?

Not yet in fact never heard of it before today. I would like to know some feedback from the users who used it before however my chances are very less because this looks like a Monero powered.

Thanks by the way.

binance-stole-funds

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Quote from: AB de Royse777 on April 17, 2020, 12:02:20 AM

By the way, do you mind sharing the platform you use now?

Have you tried https://localmonero.co/ ?

ChuckBuck

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Quote from: irfan_pak10 on April 17, 2020, 12:08:08 PM

Do you think LocalBitcoins going to share information with local government? In such cases, there might an issue.

Impossible, this is really something absurd and absurd Roll Eyes

I live in a country where they prohibit trading Bitcoin in particular and cryptocurrencies in general. But I can still use a lot of overseas platforms to exchange between Bitcoin and cash. I also registered on the LCB a month ago, performed KYC and everything went smoothly, with no deadlines. That mean the laws of a country don't really affect them, your troubles come from LCB. I also agree with the gentlemand, it could be an excuse Roll Eyes

logfiles

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Quote from: akhjob on April 17, 2020, 02:24:26 AM

Quote from: AB de Royse777 on April 17, 2020, 12:02:20 AM

By the way, do you mind sharing the platform you use now?

I guess its https://localcryptos.com/, a p2p site which doesn't require KYC. Its also non-custodial, so you can directly login with your Ledger. Originally, it started as a p2p exchange for ETH, now they support BTC.

Spot on @akhjob
I reckon in the next couple of years, if things remain constant as they are, the trade volumes in the platform will grow massively as more people start to discover it. I have seen a half dozen traders with familiar usernames that i would trade with in localBitcoins already joining the train

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Quote from: irfan_pak10 on April 17, 2020, 12:08:08 PM

Quote from: gentlemand on April 17, 2020, 11:55:46 AM

If you do wind up with the politically exposed label you are in dire straits and you'll have the exact same problems and much worse with conventional finance. I've read of people totally frozen out of everything. No bank account, no credit, no mortgage, nothing.

If a reputable service told me I'd been tarred with that brush I'd shit myself and go and double check with my normal options. That's something I would want to clear up ASAP. In this case they're not all that reputable and are probably using it as an excuse to be pricks to you so it's likely an isolated incident. If it isn't you might find out soon enough.

Do you think LocalBitcoins going to share information with local government? In such cases, there might an issue.

Has your bank ever approached you regarding crypto transactions? Also, could it all be possible you were involved with/ know someone who may be potentially politically exposed?

But, from the looks of it, there is no chance in hell Localbitcoins went out of the day to find how "politically exposed" you are. Odds are, localbitcoins just didnt want to verify because you may have high number of trades in your account, and the factor that your country is known as "terrorist" country, and they just choose to give you a shitty reason with no justification whatsoever.

malevolent

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Quote from: irfan_pak10 on April 17, 2020, 12:08:08 PM

Do you think LocalBitcoins going to share information with local government? In such cases, there might an issue.

If they don't have legal presence there and your country doesn't require them to share this information with them, I don't see why they would.

If other Bitcoin/cryptocurrency services or exchanges start giving you similar excuses you could start digging to find out why that happens, sometimes sharing a similar name with someone is enough to receive subpar treatment.

gentlemand

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Quote from: irfan_pak10 on April 17, 2020, 12:08:08 PM

Do you think LocalBitcoins going to share information with local government? In such cases, there might an issue.

If you really were a politically exposed person you would already have many problems with your normal banking, and probably none at all.

Localbitcoins themselves declaring you such a person doesn't mean very much. And as mentioned above even if it is true it may only apply in countries that are totally irrelevant to you.

It's possible they're hiding behind it as an excuse or maybe they have their own definition that doesn't apply anywhere else. I would worry about dealing with them only.

irfan_pak10

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Quote from: gentlemand on April 17, 2020, 11:55:46 AM

If you do wind up with the politically exposed label you are in dire straits and you'll have the exact same problems and much worse with conventional finance. I've read of people totally frozen out of everything. No bank account, no credit, no mortgage, nothing.

If a reputable service told me I'd been tarred with that brush I'd shit myself and go and double check with my normal options. That's something I would want to clear up ASAP. In this case they're not all that reputable and are probably using it as an excuse to be pricks to you so it's likely an isolated incident. If it isn't you might find out soon enough.

Do you think LocalBitcoins going to share information with local government? In such cases, there might an issue.

malevolent

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Quote from: gentlemand on April 17, 2020, 11:55:46 AM

If a reputable service told me I'd been tarred with that brush I'd shit myself and go and double check with my normal options. That's something I would want to clear up ASAP. In this case they're not all that reputable and are probably using it as an excuse to be pricks to you so it's likely an isolated incident. If it isn't you might find out soon enough.

If OP doesn't have any bank or brokerage accounts in the West he might never find himself inconvenienced. I'm sure his local Pakistani banks are more business-friendly.

gentlemand

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If you do wind up with the politically exposed label you are in dire straits and you'll have the exact same problems and much worse with conventional finance. I've read of people totally frozen out of everything. No bank account, no credit, no mortgage, nothing.

If a reputable service told me I'd been tarred with that brush I'd shit myself and go and double check with my normal options. That's something I would want to clear up ASAP. In this case they're not all that reputable and are probably using it as an excuse to be pricks to you so it's likely an isolated incident. If it isn't you might find out soon enough.

irfan_pak10

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Quote from: SFR10 on April 16, 2020, 10:12:35 PM

How did you respond to that PM/email?

I didnt think the need of reply to this email. Or do you? Its an email response.

Quote from: malevolent on April 17, 2020, 04:45:05 AM

Are you closely related or otherwise connected to any politicians, judges, high-level government officials or high-level members of the armed forces of your country?

https://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-PEP-Rec12-22.pdf#%5B%7B%22num%22%3A41%2C%22gen%22%3A0%7D%2C%7B%22name%22%3A%22XYZ%22%7D%2C60%2C454%2C0%5D

None, nor i ever tried to post anything which shows my political link in any way.

Quote from: Indymoney on April 17, 2020, 04:49:32 AM

Quote from: malevolent on April 17, 2020, 04:45:05 AM

Are you closely related or otherwise connected to any politicians, judges, high-level government officials or high-level members of the armed forces of your country?

https://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-PEP-Rec12-22.pdf

I think our country is under some investigation by FATF so just because of this they are doing this all until this all clear which is going to be in next meeting if happen on schedule.

Could be the reason, as they have mention they are thinking of ways how to verify those individuals which politically exposed.

Quote from: ?? on ??

Most likely they're working with blockchain analysis service (e.g. chainalaysis) and managed to link your real life identity with your account on social media or forum (such as this forum).
From other thread, i saw you're involved with charity action, few country classify it as political action (i've no idea about culture/legal of your country though).

Quote from: logfiles on April 16, 2020, 11:59:26 PM

Quote from: AB de Royse777 on April 16, 2020, 09:22:50 PM

Localbitcoins used to be a good platform, but they are now too strict and very unreasonable considering the KYC things. I have left them long ago for this reason.

I used to use the platform so much between 2017 to early 2019. When they started the stupid mandatory KYC procedures. I got another much better alternative of converting my cryptos to fiat and vice versa and i have never logged in since then. Luckily I had very few sats in there.

Their service is centralized, so they don't have much choice aside from comply with strict regulation or shutdown their service. The choice is pretty much obvious for for-profit company.

Im working as under individual/ non government organization. I dont think they will put me under politicaly exposed one.

malevolent

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Quote from: ChuckBuck on April 17, 2020, 05:59:23 AM

It is absurd to say that philanthropy is a political activity at the moment. It is even more absurd to be able to analyze real identities through this forum. I have never heard of anyone who can exploit true identities from people on this forum, everyone is anonymous, even IPs are not censored.

I really hope it's not that, there's nothing remotely political about this fundraising, would be a shame if LBC decided to block OP based only on him managing to collect $400 worth of cryptocurrencies for food.

ChuckBuck

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Quote from: irfan_pak10 on April 16, 2020, 09:15:54 PM

How they come to know about my activities? As I never mentioned during KYC. What might be their External sources? And what is meant by a politically exposed persons?

Is there any confusion when you do KYC? You may have chosen to be in the politically exposed persons section Roll Eyes

If not, there's no way a platform could investigate your activity in any way. All they see is your IP address and stuff like that, it can't say you're politically exposed persons. I believe that you made a mistake during KYC, it is the most feasible solution.

Currently, there are many other P2P platforms to replace LCB. I think you should use them instead of staying with LCB's damn KYC.

Quote from: ?? on ??

Most likely they're working with blockchain analysis service (e.g. chainalaysis) and managed to link your real life identity with your account on social media or forum (such as this forum).
From other thread, i saw you're involved with charity action, few country classify it as political action (i've no idea about culture/legal of your country though).

It is absurd to say that philanthropy is a political activity at the moment. It is even more absurd to be able to analyze real identities through this forum. I have never heard of anyone who can exploit true identities from people on this forum, everyone is anonymous, even IPs are not censored.

Findingnemo

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Quote from: SFR10 on April 16, 2020, 10:12:35 PM

Quote from: irfan_pak10 on April 16, 2020, 09:15:54 PM

How they come to know about my activities? As I never mentioned during KYC. What might be their External sources?

I believe it's an automated process and most likely that's the result of an error from their side:

Section 2.11
Section 4

Quote from: irfan_pak10 on April 16, 2020, 09:15:54 PM

And what is meant by a politically exposed persons?

According to Wikipedia:

Quote from: https://en.wikipedia.org/wiki/Politically_exposed_person

In financial regulation, a politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. The terms politically exposed person and senior foreign political figure are often used interchangeably, particularly in international forums. Foreign official is a term for individuals deemed as government persons under the Foreign Corrupt Practices Act or FCPA, and although definitions are similar to PEP, there are quite a few differences and should not be used interchangeably. The term PEP is typically used referring to customers in the financial services industry, while 'foreign official' refers to the risks of third-party relationships in all industries.

If this is the real reason then its not too hard to find such persons since they are asked to provide KYC documents so by relating the documents with national ID card may give an idea and also they might be in contact with other companies especially for such services.

malevolent

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Quote from: ?? on ??

Most likely they're working with blockchain analysis service (e.g. chainalaysis) and managed to link your real life identity with your account on social media or forum (such as this forum).

That's not what being politically exposed means, though. And why would they care that OP makes money from managing bounty campaigns? Either OP is in some way associated with someone who's politically exposed, or because he's from a 'high-risk' country so LBC doesn't care about false positives.

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Quote from: malevolent on April 17, 2020, 04:45:05 AM

Are you closely related or otherwise connected to any politicians, judges, high-level government officials or high-level members of the armed forces of your country?

https://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-PEP-Rec12-22.pdf

I think our country is under some investigation by FATF so just because of this they are doing this all until this all clear which is going to be in next meeting if happen on schedule.

malevolent

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Are you closely related or otherwise connected to any politicians, judges, high-level government officials or high-level members of the armed forces of your country?

https://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-PEP-Rec12-22.pdf#%5B%7B%22num%22%3A41%2C%22gen%22%3A0%7D%2C%7B%22name%22%3A%22XYZ%22%7D%2C60%2C454%2C0%5D

joniboini

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I imagine they and their partners are using some sort of algorithm to search your name online or crosscheck it on multiple databases, find out how often you do a transaction and how much, etc. That being said, unless your name is explicitly stated on one of those 'political organization', I find it hard to believe they can conclude that you're a person like that just looking at your transaction history (well unless one of the address belongs to the treasury of those organizations).

Things like this are hard to debate as they don't provide the details on how they conclude that you are an exposed person. I'm assuming they do this to protect their source while at the same time give you a headache.

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