Localbitcoins.com -- Update on Cash Trades, Verification 25/6/19

buwaytress

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Quote from: magneto on June 25, 2019, 02:59:28 PM

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2. Verification processes seem to have been updated since last week. When selling via SEPA (Euro), you're now being asked to verify if the name matches the transaction sender. There's also an additional box to tick if you verified ID as a seller (which I anyway always do for first timers).

I don't think that this is something new. I've been getting this message since at least from 2 years back whenever I'm the one that is offering a trade. All this does is contributes to the "verified by" statistics.

It's new for me using SEPA only, only seen this window pop up in the last week (I've been trading for 2 years too). I have now just two active ads for sell offers, one for euro (SEPA) and one for another currency. Regardless of whether I choose to verify, when you release escrow now for buyers taking up your offer via SEPA, that option comes up asking you to select if name matches.

Quote from: Findingnemo on June 26, 2019, 03:01:40 AM

Quote from: slaman29 on June 26, 2019, 02:29:21 AM

I did not get any of those notifications from my panels, I just logged in to find out. Maybe it's because you are in a different region with different currency. I have taken 2 trades only (I don't use Localbitcoins much at all I stick to the ease of Luno because it's straightforward) and in my local currency so maybe those things don't apply?

Its for the one who doing trade from their created advertisement on their own.Only 2 trades means you responded to someone's ad who may not have such restrictions.

As above, it's only for SEPA, less to do with geographical restrictions. I didn't paste the whole screenshot, which actually starts with a line saying it's the new requirements for SEPA transfers only. Doesn't matter if you're the one creating the ad or you're responding to an ad, as long as you're the Seller, you've to verify SEPA transfers.

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Quote from: squatter on June 26, 2019, 02:42:20 AM

Quote from: leowonderful on June 25, 2019, 11:34:43 AM

I wonder if LocalBitcoins is going to start going after those cash offers listed as ATM deposits soon, or if they'll just leave those offers alone. I find it more likely they'll take action against those sorts of trades than not personally, but glad to see there's still some people trying to offer cash trades out there.

It's obviously a violation of their terms. If it becomes really prevalent, they'll start suspending or terminating the accounts of these users. Hopefully not though -- I'm all for workarounds like this.

Localbitcoins had always a lot of traders that advertise some other trade deals in their profile and I see one still active although for a long period he was advertising his localethreum profile there as an additional contact.
Btw, LE is still allowing cahs deals it seems, for how long I wonder.

I've also done a few deals that were not really 100% with their ToS but when traders know each other for a long time or even in RL it's pretty easy to go around.

Quote from: magneto on June 25, 2019, 02:59:28 PM

So are LBC actively moderating these trades, or are they just allowing them to slide and giving sellers some room to work with by putting in person cash trades in other categories like cash depo?

They will just let it slide for a while until they will get some phone calls to start playing according to the rules or till there is another drama happening during a f2f deal that will make the headlines.

leowonderful

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Quote from: squatter on June 26, 2019, 02:42:20 AM

Quote from: leowonderful on June 25, 2019, 11:34:43 AM

I wonder if LocalBitcoins is going to start going after those cash offers listed as ATM deposits soon, or if they'll just leave those offers alone. I find it more likely they'll take action against those sorts of trades than not personally, but glad to see there's still some people trying to offer cash trades out there.

It's obviously a violation of their terms. If it becomes really prevalent, they'll start suspending or terminating the accounts of these users. Hopefully not though -- I'm all for workarounds like this.

Inevitably though, we need to move beyond Localbitcoins for P2P trading. They got too big and regulators are breathing down their neck. It's only going to get worse, not better.

Paxful is still allowing users to do a variety of cash trades at the moment AFAIK, though I don't know how long this option is going to be up until it too becomes removed from the platform. The decentralized exchange Bisq also allows deposits through cash using different vendors, but there's not as many vendors accepting cash payments on there. Hopefully more and more people move to alternatives like DEXes in the future and improvements are made to those DEXes so they're more accessible.

Findingnemo

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Quote from: slaman29 on June 26, 2019, 02:29:21 AM

I did not get any of those notifications from my panels, I just logged in to find out. Maybe it's because you are in a different region with different currency. I have taken 2 trades only (I don't use Localbitcoins much at all I stick to the ease of Luno because it's straightforward) and in my local currency so maybe those things don't apply?

Its for the one who doing trade from their created advertisement on their own.Only 2 trades means you responded to someone's ad who may not have such restrictions.

squatter

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Quote from: leowonderful on June 25, 2019, 11:34:43 AM

I wonder if LocalBitcoins is going to start going after those cash offers listed as ATM deposits soon, or if they'll just leave those offers alone. I find it more likely they'll take action against those sorts of trades than not personally, but glad to see there's still some people trying to offer cash trades out there.

It's obviously a violation of their terms. If it becomes really prevalent, they'll start suspending or terminating the accounts of these users. Hopefully not though -- I'm all for workarounds like this.

Inevitably though, we need to move beyond Localbitcoins for P2P trading. They got too big and regulators are breathing down their neck. It's only going to get worse, not better.

slaman29

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I did not get any of those notifications from my panels, I just logged in to find out. Maybe it's because you are in a different region with different currency. I have taken 2 trades only (I don't use Localbitcoins much at all I stick to the ease of Luno because it's straightforward) and in my local currency so maybe those things don't apply?

magneto

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1. Cash trades have been removed but you can easily find them if you search for ATM deposits. Many traders still display public message saying they're ready to trade cash in hand, and give details. Their trade info are clearly marked CASH only. Changing the currency to some of the more exotic ones finds you locations all over Europe. So they're definitely not gone, they're just a bit harder to find:)

So are LBC actively moderating these trades, or are they just allowing them to slide and giving sellers some room to work with by putting in person cash trades in other categories like cash depo?

Similarly with gift cards, it would be interesting to know LBC's official stance on this action that essentially circumvents their removal of certain trade categories, given that I don't think sellers doing this actually breaches any rules.

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2. Verification processes seem to have been updated since last week. When selling via SEPA (Euro), you're now being asked to verify if the name matches the transaction sender. There's also an additional box to tick if you verified ID as a seller (which I anyway always do for first timers).

I don't think that this is something new. I've been getting this message since at least from 2 years back whenever I'm the one that is offering a trade. All this does is contributes to the "verified by" statistics.

Findingnemo

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I am getting this window for months since I started to create advertisements based on the bank transfer or any kind of methods.

If you don't want to see this window you can actually do this by unselect the tab of only identified traders can start trading while you are creating the advertisement.

To skip id verification :

LeGaulois

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1. It's a matter of days or weeks before LocalBitcoin catches that and find a solution (up to suspend the user). it's for its own interest or they'll face some reminders. I give it 1 month, bookmark Tongue

. If it wasn't a problem for them before they wouldn't remove it and they will do everything needed to not have this.

leowonderful

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I wonder if LocalBitcoins is going to start going after those cash offers listed as ATM deposits soon, or if they'll just leave those offers alone. I find it more likely they'll take action against those sorts of trades than not personally, but glad to see there's still some people trying to offer cash trades out there.

buwaytress

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Been seeing an uptick in my trading activity since last week, and so am able to confirm more and more some of my observations that I thought I'd share:

1. Cash trades have been removed but you can easily find them if you search for ATM deposits. Many traders still display public message saying they're ready to trade cash in hand, and give details. Their trade info are clearly marked CASH only. Changing the currency to some of the more exotic ones finds you locations all over Europe. So they're definitely not gone, they're just a bit harder to find:)

2. Verification processes seem to have been updated since last week. When selling via SEPA (Euro), you're now being asked to verify if the name matches the transaction sender. There's also an additional box to tick if you verified ID as a seller (which I anyway always do for first timers).

Edit: this is the latest from them on verification: https://localbitcoins.com/blog/id-verification-update/

Topic: Localbitcoins.com -- Update on Cash Trades, Verification 25/6/19 (Read 261 times)