isabellanoviya Posted February 13, 2019 #1 Posted February 13, 2019 The Peer to Peer exchange Localbitcoins.com has introduced a new user verification method in its website. The exchange website was founded in Finland,Helsinki in Europe northern side. They are operating in 16000 cities and 240 countries,35 payment option available in this exchange. Do they have plenty of the reason why the new 5AML rule is going to arrive? What is Money launder? Money laundering is referred us the large amounts of money carried for criminal activity, such as drug trafficking or terrorist activity, etc. This type of money came from the illicit activity is considered dirty money or launders. How they clean their money? The laundered money can clean through online auctions and sales, gambling websites and even virtual gaming sites. To overcome this issue, the European government introduce an Antimoney-launder software The antimoney-launder software help to detect and report suspicious activity. Every year in Europe and America millions of dollars are used in an attempt to regulate and stop money laundering. EU Anti money-Laundering rules The European Union has established new rules us 4AMLD in 2015 for avoiding the terrorist groups and criminal organizations who are hiding their money by the European countries. The 4AMLD obliged entities widely spread the rules in credit institution, financial institution, buying and selling goods etc. 4AMLD Update into 5AMLD The cryptocurrency exchange considers 5AMLD process the first step is known as your customer like Name, Nationally, Date of birth, Proof id etc. This KYC will able help to avoid money laundering/terrorist financing. The European new laws is established they not allowed third-party prepaid card. Whenever a new member is registered through any exchange platform or banking sector the whole details will be automatically sent to the European central platform. According to the European government announcement, Localbitcoins has to adapt to the new standards laws and this law also relevant to all cryptocurrency industry in Europe. The Localbitcoins team has also shown confidence level to users by promoting a safer trading environment and preventing fraud. The European people use the localbitcoins clone script to build a platform like localbitcoins. Since the regulations are subjected to compliance, the development of crypto exchanges should be made in a clear way so that the user can ensure their funds safe.
KiXxnTRiXx Posted February 13, 2019 #2 Posted February 13, 2019 thats good to hear i guess after what happened with the recent attack.. some users loss money and localbitcoin did not even take responsibility and its users that lost money was left without help or even anything.. hopefully localbitcoin take security more serious since hackers are relentless these days..
Kate Posted February 13, 2019 #3 Posted February 13, 2019 Literally like two days ago a member of Stake had lost like hundreds of dollars because of an attack on their site by a hacker and they replied saying " It wasn't our fault ( in a nutshell ) " . This is the stupidest response they have made yet now I hope so they increase their security now on wards. First they should fix their site and clean them out with scammers and increase security and then worry about money laundering.
barbaris Posted February 13, 2019 #4 Posted February 13, 2019 After what happened, I think for their part, this is the right decision to secure their users.
HumberRolls Posted February 21, 2019 #5 Posted February 21, 2019 I imagine that all those new rules are for the security welfare of all the members of this site and thus avoid that among the scammers
Threcnom Posted February 27, 2019 #6 Posted February 27, 2019 I've been using this site since early of 2018 and luckily haven't had any issues. Good thing I really don't keep any of my purchase and transfer it right away to my trusty wallet.
skillex Posted February 27, 2019 #7 Posted February 27, 2019 This is just the right thing to do to avoid more user's account being getting hacked in the future.
ginoso2019 Posted April 21, 2019 #8 Posted April 21, 2019 I have always been against kyc procedures if localbitcoin will introduce it i will stop using it
Kate Posted April 23, 2019 #9 Posted April 23, 2019 On 4/21/2019 at 7:53 PM, ginoso2019 said: I have always been against kyc procedures if localbitcoin will introduce it i will stop using it Well the KYC ( Know your Customer ) is done not just to protect the traders but also the buyers because there is a high amount of scammers who pass the simple verification test and who scams people easily.
bmg Posted April 23, 2019 #10 Posted April 23, 2019 In my opinion if your dealing with money it should always in some way be a requirement to have some sort of verification process. There are just way to many scammers and crappy people out there.
ginoso2019 Posted May 10, 2019 #11 Posted May 10, 2019 to make exchanges in safety you don't need kyc but only small tricks like using escrow or doing face to face exchanges
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