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LocalBitcoins To Identify Users In New Way

13:26 26/03/2019
LocalBitcoins Announces New Customer Verification System

Representatives of the Finnish crypto platform LocalBitcoins reported on their blog about the new system of registration and identification of clients.


The process of registration of new users includes several improvements. Basic information about a person is now checked already during the registration. Users who open an account for the first time will be able to find trading partners easily, more clients will be available to advertisers, the possibility of creating suspicious accounts will disappear.


The company's specialists have also begun work on changing the procedure for identifying customers. It includes several account levels, which will depend on the volume of transactions with bitcoins. The identification of corporate and individual customers will be different. LocalBitcoins is planning to publish detailed information about the innovations soon.


The company reported that Finnish regulators passed a new bill on service providers in the crypto sphere in mid-March 2019. Besides, a number of amendments were adopted to the laws on countering the financing of terrorist organizations and money laundering. The requirements of regulators will come into force by the end of 2019.


All changes in the operation of trading platforms should comply with the requirements of regulatory authorities regarding crypto companies, which now need to pay even more attention to security and transparency issues.


LocalBitcoins always tries to work within the legal framework. The new customer identification system will also be adopted in accordance with the regulations of the European Union. 

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