Why they are now starting to require KYC, in addition to security, I think that is indeed very important for the database they have. so that they know about the data themselves and evidence from the data themselves all the members that are on their exchanger.
other than that if a problem occurs it will make it easier for us to verify the account with the KYC document that we have provided
Topic: Why Local bitcoin trading site doing KYC NOW - page 3. (Read 726 times)
Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected.
Except if after getting on with the KYC, there is still a rejection. Other than that, me I don't see what's wrong with doing a know your customer verification exercise, is for security of our coins.
I guess you are new to the system because this is not the first time that Local exchange sites will be requesting for KYC, ever since the whole spirit of KYC came on them all, virtually everyone has been requesting for KYC to the extent that even scammers too are requesting for KYC.
Projects are also requesting KYC from bounty hunters also, so this is what we are already used to and there is nothing we can absolutely do to curtail that for now till further notice. If you say traders are decreasing, how do you know that traders are decreasing because of KYC, because there is nowhere statistics is being generated for that, so I wonder where you got that idea from, if traders are reducing, then who are the people still pumping money into bitcoin then.
Projects are also requesting KYC from bounty hunters also, so this is what we are already used to and there is nothing we can absolutely do to curtail that for now till further notice. If you say traders are decreasing, how do you know that traders are decreasing because of KYC, because there is nowhere statistics is being generated for that, so I wonder where you got that idea from, if traders are reducing, then who are the people still pumping money into bitcoin then.
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 i start trade with Bittrex there is no KYC there and now you have to verify your self before start trading otherwise you are not eligible for trade. And the most important thing is many crypto exchange want now KYC and there is no doubt upcoming exchange also will want KYC. They are doing this many reason and one of the main reason is security. We can't do nothing about it. Just deal with it.
With time, we just want to accept this decision. Because I am sure there will be more exchanges that will apply KYC to its users. So if we still want to trade, then we have to obey the rules. If we are afraid to do KYC, it is better to make sure we use good and responsible exchanges. Now we are just waiting for time, when this regulation will be implemented in all exchanges. btw actually I also don't want regulations like this, but I can't do anything, I'm just a trader who needs an exchange.
Regulatory pressures from all fronts, first and foremost. Even though their platform have waned in volume over the years through the introduction and rise in popularity of centralized exchanges, they still want to keep their business afloat and mind you, in the Asia region they are still getting a pretty nifty customer base all in all. Personally I wasn't so shocked that LBC would be asking more KYC information than it used to in the past because I am somewhat updated in the regulatory status of crypto in some countries, and it's their only way to continue doing business with us.
I think it's been established that protection from fraud and losses due to illegal funds and transaction are the two major issues that KYC is aspiring to solve. But it may also deter participants who are moving away from fiat into cryptocurrency simply because of it's promise to protect privacy and provide ease of transaction. Some folks might see this implementation as a watering down of cryptocurrency's main feature, decentralization and anonymization. 
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 i start trade with Bittrex there is no KYC there and now you have to verify your self before start trading otherwise you are not eligible for trade. And the most important thing is many crypto exchange want now KYC and there is no doubt upcoming exchange also will want KYC. They are doing this many reason and one of the main reason is security. We can't do nothing about it. Just deal with it.
KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly,
I don't see KYC as a problem for a genuine trader who likes that his money is secured because the purpose of it is actually for security both for customer and the platform or exchange.
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
Why do you think this is surprising? I post a topic about it [1] several months ago?This platform is in the European Union and therefore operates in accordance with the restrictions imposed by the EU (thus anti-money laundering laws.)
They set a soft accountting system of imposing KYC restrictions where they are imposed based on accounts levels.
Read more ----> https://localbitcoins.com/blog/aml-features-update/
[1] localbitcoins | AML regulation
KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly,
I don't see KYC as a problem for a genuine trader who likes that his money is secured because the purpose of it is actually for security both for customer and the platform or exchange.
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?
As far as I know, all centralized local exchange are really requiring their clients to submit KYC. And I don't see any wrong with it, unless if the client is using dummy or you are hiding your real identity, well if that's the case there is a problem for Him/Her to submit KYC. And its normal for centralized based system to implement this KYC to prevent scammer and to protect their users too.
KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly,
I don't see KYC as a problem for a genuine trader who likes that his money is secured because the purpose of it is actually for security both for customer and the platform or exchange.
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?
What are you talking about? I myself is still able to trade on LBC despite the fact that I haven't even completed Tier 0 verification yet. Is it something that is specifically on your end where you've exceeded their unspoken threshold?
As far as I know though, you're still able to trade anonymously at least until September, where their tiered verification system will actually come into play.
But the decision to go with extended KYC isn't something that has surprised anyone, in my opinion. It was clear to begin with that they were going to have to start doing this sooner rather than later, with EU (where they are located) regulations tightening as well as G20 talks of global regulations for BTC. Paxful and others will most likely follow suit as a matter of time.
This isn't anything big, they keep on updating their terms and conditions with respect to the regulations around the globe. They are the only trading platform that has got its service in large number of countries fulfilling the legal requirements. Earlier too there is KYC, and now it's been categorized.
From what we are seeing happening now every exchange especially the local one are developing terms and conditions that will allow them to do business under the government laws. I also believe that KYC is one of the ways to prevent scamming, evil people from using the exchange and comply with the government's agencies.
according to them:
yes, now that we are facing governments
Now traders searching for decentralised otc platforms works in escrow method without doing KYC. already we facing various issues from government sides...
yes, now that we are facing governments
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Possible it was as a result of complying with government regulations and also to reduce the high rate of scam on the exchange, it triggered the implemention of security measures to at least reduce the effect as scam general can't be eliminated but it can be reduced. Currently the KYC feature is the easiest way to achieving that goal (reducing the rate of scam) that's why it's service has to be employed. We have other alternative P2P exchange that don't require kyc you can used them if you're not comfortable with using Localbitcoin exchange.
according to them:
yes, now that we are facing governments
already we facing various issues from government sides...
yes, now that we are facing governments
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?
Not a surprising thing and sooner or later most exchangers would imply this KYC thing which theres nothing we can do anything about it but to complysince we are using up their service.Finding new one? You cant yet you would stick out to the best ones therefore you dont have any choice but deal with it.
You would risk on sending out info than on using up unknown platforms.
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?
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