LocalBitcoins Introduces New Verifications, Reducing Anonymity, After EU Regulation60

LocalBitcoins, one of the oldest peer-to-peer Bitcoin exchange platforms, will be taking steps to change its anti-money laundering (AML) and know your customer (KYC) policies. The move follows the introduction of new regulation from Finland’s Financial Supervisory Authority (FSA), where the company is based.

One of the last bastions of anonymous cryptocurrency trading, especially for in-person bitcoin trading, the Helsinki-based LocalBitcoins, will be introducing new policy changes that will effectively end private trading. The change in the service’s verification process came about after intense pressure from the European Union and its financial watchdogs, as well as local regulators in Finland.

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