Why Local bitcoin trading site doing KYC NOW - page 2.

Lawrenzoo

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Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

Traders decreasing from where? How can that happen because of KYC.

Sharon121212

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Well what maybe their mode of identify who or who is not from their locality.
A know your customer process would not hurt any one
I would appreciate it if the reason for the need for Kyc is of good and is safe for those who want to apply

Thanasis

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Quote from: davis196 on July 23, 2019, 12:35:11 PM

Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

I though that KYC isn't mandatory in Localbitcoins.It is mandatory only if you want to post buy/sell listings and for lifting some selling limits,AFAIK.
The expansion of KYC policies is something normal for the bigger crypto platforms.They all know want to follow the new crypto regulations in order to keep their business.We have no choice,except verifying our identity on such marketplaces.

Their new KYC implementation will work from September 2019 and still no KYC for smallest limits so people who don't want to complete their KYC an use the low tier option but its mandatory when they pass their low tier limit.I think 20,000 euro will be allowed per year without completing any documents.

davis196

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Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

I though that KYC isn't mandatory in Localbitcoins.It is mandatory only if you want to post buy/sell listings and for lifting some selling limits,AFAIK.
The expansion of KYC policies is something normal for the bigger crypto platforms.They all know want to follow the new crypto regulations in order to keep their business.We have no choice,except verifying our identity on such marketplaces.

sana54210

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Quote from: Baofeng on July 19, 2019, 09:29:11 PM

Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

Everything that involves bitcoin is somewhat prone to regulatory framework, and that's what happen to LBC. This is just part and parcel of crypto now, governments are really taking a stance and putting pressure to exchanges not just LBC but high tiered exchanges. LBC will continue its services as long as they comply. So it really boils down as to whether you would like to verify yourself and continue using their business.

The more crypto grows, the more it becomes stricter a little in its operation, and even if such user does not like the issue of the KYC, he has no choice than to abide by it, except he wants to leave the cryptocurrency space completely, because if you take a look at all the companies., all the project s and all the exchanges we have.

They virtually do not joke with that policy and every one of them has implemented it, so even if you run from one exchange, you will definitely meet another exchange, that is how kyc has gone far to the extent of hunters doing kyc too lol. What I have only seen many people advise about this is that we need to just ensure we comply with KYC on a site that will protect the identity and keep the data collected secret as promised.

semobo

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Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

when the technology develops the problems also develops so that they are protecting their customers to be more safe and secured that's why I think they prefer to accept the KYC details before any transactions I think it will be a good implementation for the future also.

Twinkledoe

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Quote from: Slow death on July 16, 2019, 11:42:13 AM

according to them:

Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

already we facing various issues from government sides...

yes, now that we are facing governments

With this development, we are expecting that they are fully complying with the laws mandated for crypto exchanges, right? There's one benefit in this scenario. Traders or crypto users will be confident that they are dealing with legit traders as well. It is like a protection also for them.

Ompyon

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Quote from: Baofeng on July 19, 2019, 09:29:11 PM

Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

Everything that involves bitcoin is somewhat prone to regulatory framework, and that's what happen to LBC. This is just part and parcel of crypto now, governments are really taking a stance and putting pressure to exchanges not just LBC but high tiered exchanges. LBC will continue its services as long as they comply. So it really boils down as to whether you would like to verify yourself and continue using their business.

Yes, I think so too, exchanges that apply KYC will not lose their members just like that, because now almost all exchanges apply KYC for security. and in fact most crypto users don't mind it, provided that the exchange can also be trusted.

olamidey

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Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

I saw it coming. All Exchange are beginning to go the way of kyc. Even though we're not happy with it, we have no choice. It has huge volume and so much traders there. They lost funds of recent so they asked for it. Looks like our documents will be everywhere in the next 1 year.

Baofeng

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Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

Everything that involves bitcoin is somewhat prone to regulatory framework, and that's what happen to LBC. This is just part and parcel of crypto now, governments are really taking a stance and putting pressure to exchanges not just LBC but high tiered exchanges. LBC will continue its services as long as they comply. So it really boils down as to whether you would like to verify yourself and continue using their business.

Becky666

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Quote from: nara1892 on July 17, 2019, 06:45:40 PM

Why should I be afraid of KYC?
Exchange provides security guarantees and this step is done for the convenience of all members to trade.
Many people try to cheat with fake accounts.
they can justify trading, of course the KYC prevents such users.

Although KYC can't be use to check cheating when its not referral based, traders aren't afraid of any KYC per se but there's the tendencies of the company to sell out traders information to the government without the consent of the trader. Personally am not afraid of KYC because I have nothing to hide as a cryptocurrency enthusiasts and an investors.

Few months from now, we will be seeing and hearing many other big exchanges complying with the government regulations irrespective of either decentralized or centralized exchange platforms, but we should embrace it because it for the good of the industry. Some exchanges will be run as in form of darkweb, till then, let's embrace this offer from them.

monalia

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Quote from: Ucy on July 19, 2019, 01:07:54 PM

You can't blame them too much. KYC was made mandatory by government across board and it didn't affect just the site
It is a centralized peer-to-peer exchange with a known office... so it is expected they would comply.

Have you tried decentralized peer-to-peer exchange like bisq? I think they do almost thesame thing without KYC.

You are correct buddy when there is centralized business they will obviously looks for KYC verification kind of things to exchange cryptocurrencies to cash via Bank or any other online payment mode for fiat.
In my experience I used to exchange all my photo currencies using localbitcoins.com.
I believe none of the payment processor exchanges working like localbitcoins they were really splendid.

Reid

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I bet they got a paper saying this should be done from the government into which country they reside.
This is for their company to keep on going.

Well, they may lose some customers but it may strengthen their security or the security of those who trade here.
I do agree much with KYC for it loses the privacy of one human being.
But if you are doing a lot of transactions specially at that exchange then maybe it could be a good thing.

Anyways, you could go look out for more if you dont like the new rule.

xSkylarx

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Imo kyc is really inevitable to crypto exchange sites. It is a way to know their user's identity to prevent money laundering. For me if the site is well reputated I would submit my info to them to prevent some issues in the future. The user should be smart on which site where he will provide his private info to prevent his identity being sold on the black market.

Ucy

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You can't blame them too much. KYC was made mandatory by government across board and it didn't affect just the site
It is a centralized peer-to-peer exchange with a known office... so it is expected they would comply.

Have you tried decentralized peer-to-peer exchange like bisq? I think they do almost thesame thing without KYC.

nara1892

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Why should I be afraid of KYC?
Exchange provides security guarantees and this step is done for the convenience of all members to trade.
Many people try to cheat with fake accounts.
they can justify trading, of course the KYC prevents such users.

bitgolden

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Quote from: xSkylarx on July 18, 2019, 01:02:19 AM

Imo kyc is really inevitable to crypto exchange sites. It is a way to know their user's identity to prevent money laundering. For me if the site is well reputated I would submit my info to them to prevent some issues in the future. The user should be smart on which site where he will provide his private info to prevent his identity being sold on the black market.

I don’t know why everyone is just so crazy about the KYC thing has if it is cryptocurrency that first introduced it, just because everyone wants to hide under decentralization does not mean some rules cannot be broken, this decentralization and the fight against KYC is what has made lots of people lost the money to scammers. Everyone just needs to understand that KYC is really a requirement by government for anything that has to do with money, and we have been doing tit with our traditional banks.

For those who are looking for jobs, do they know how many times they have even dropped their credentials with job recruiting agencies without collecting them back, and what have they don’t with them? So nothing serious about KYC and like you said, we just have to ensure that we give it to the right site.

goaldigger

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Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

I dont know if it is the meaning of the legality of cryptocurrency where all the wallets, exchanges, trading platforms, gambling and any other related to crypto transaction will be requiring KYC. If this is it then i dont think i will feel the same way as before where i can do anything to my account without KYC.

jrrsparkles

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Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

It's just because of the moving from one country to the new country and kyc is about the country which they are going to be launch our place their new official Place to run their website. from the coming September local Bitcoin website need new verification system to be completed to continue trading on it and also it still has privacy for the low limit traders and it's good to to save them from involving in money laundering activities.

el kaka22

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Quote from: Ambucrypto369 on July 16, 2019, 11:32:11 AM

What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?

I think it is about governments and how much you want to go against them as well. I mean if the government you base your operations in wants your KYC and asks the company to ask for KYC in order to give it to them and then there is nothing the company can do.

What are you expecting them to do tell the government no? That would have big repercussions and they would finally raid the place to get all of the information themselves or close the company down. That is why if a government asks something like that they would have to apply it to their website and follow the rules, otherwise they would have to pay the penalty. These are not anarchy ridden countries we talk about, they are huge and they do not want money laundering to get easier in their nations as well so it is understandable.

Topic: Why Local bitcoin trading site doing KYC NOW - page 2. (Read 743 times)