LocalBitcoins Reveals New Users Identification Rules
Peer-to-peer crypto exchange Localbitcoins is preparing to implement updated requirements for the identity verification of its users. The company recently revealed it’s cooperating with regulatory agencies in Finland on the implementation of the latest EU anti-money laundering rules, bitcoin.com reports.
LocalBitcoins combines buyers and sellers of cryptocurrencies, from all over the world, through an escrow system. Its mission is to “bring Bitcoin everywhere” — and with the new changes the platform’s team believe a safer trading ecosystem will be promoted, preventing fraud and other wrongdoing.
According to statements published on its official website, LocalBitcoins’ management said the crypto exchange service will be adhering to the new 5th anti-money laundering directive (AMLD) – which was recently enforced by the European Commission (in July 2018). The directive applies to all transactions involving “virtual currencies” – which includes cryptocurrencies.
A number of other peer-to-peer and decentralized crypto exchanges have emerged over the years. These include platforms such as Paxful, Bisq, Bitsquare, Coinffeine, and Hodl Hodl. New companies continue to create similar exchanges. In November, a startup from Norway announced the launch of a peer-to-peer cryptocurrency marketplace called Bitruption.