LocalBitcoins, a peer-to-peer crypto exchange based in Finland and available worldwide, will update its terms concerning the identity verification of its users — in total compliance with the latest European Union anti-money laundering directives, according to a statement published on its website by the end of last week.
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.
“By being a reference in compliance, we also aim to promote trust, legitimacy and maturity in the Bitcoin ecosystem, while paving the way for it to become a more viable and widespread currency and combating criminal use of Bitcoin and its network.” — Shared LocalBitcoins on its statement.
The new measures will concern, mainly, account registration and verification. LocalBitcoins will improve the registration of new accounts and the user’s identity verification processes, implementing wallet withdrawal and trade volume-based verification layers. More information on the coming changes will be shared in March.
Localbitcoins, created in 2012, has been a benchmark platform in the industry — and has inspired the emergence of other peer-to-peer crypto exchanges over time.
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