Exchanging cryptocurrencies with LocalBitcoin
The bitcoin P2P decentralized platform, LocalBitcoins has brought with it a marketplace that will be used to implement new verification requirements for users of the exchange.
Local Bitcoins, which is a P2P platform and exchange for buying cryptocurrencies, has put out an announcement today making it clear that it will be implementing a verification system soon within its services.
This verification process will be introducing four different Tier account and verification system which will be distinguished by trades and transaction volumes.
According to the company, it started working on its new verification system started back in March after new laws were set in place in the company’s operating base, Finland.
The company has noted that all users of the platform will be able to gradually verify their accounts as their activities on the platform continue to increase.
In order to achieve a reliable and efficient verification process, LocalBitcoins has put in place a team together with onfido, which is a leading identity verification technology provider with the aim of bringing this technology to the masses while being able to improve its business on a global scale.
LocalBitcoins verification system
This new account implementation will be a tier structure. Each tier verification will require its own respective volume limits.
For instance Tier1, Tier2 and Tier3 will be able to send and receive transactions, while creating advertisements with buy and sell trades.
Accounts on Tier0, which are only users with onboard verification, will be able to buy trades but will not have LocalBitcoin wallet addresses and will not be able to sell BTC while posting advertisements.
The new project development is set to be available between June 24th to the 26th of June starting with Tier1. While the following releases of Tier2 and Tier3 verification systems will be added during the month of July.
All users of the platform will be provided with the verification requirements necessary for their respective Tiers. This will be until September the 1st, when all non-Tier accounts will become inactive and unable to make any trades.
For the above reason, the company has urged users to upgrade their accounts before these given dates.
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