LocalBitcoins, the P2P bitcoin buying site, today announced the details of its soon to roll out verification system. The new verification process introduces 4 different account tiers distinguished by trade and transaction volume and a progressive verification system.
The company began working on the new verification requirements back in March, after new laws were put in place in its home country of Finland.
Users will gradually able to verify their accounts as their activity in the platform increases. To ensure that it offers a reliable and efficient verification process, LocalBitcoins is teaming up with Onfido, a leading identity verification technology provider.
The new Account Tier structure is outlined in the table below, with each Tier’s verification requirements and their respective volume limits.
T1, T2 and T3 accounts will be able to send and receive transactions, create advertisements and complete buy and sell trades. T0 accounts, i.e. users who have only onboarding verification, can complete buy trades but will not have a LocalBitcoins wallet address or be able to sell BTC and post ads.
Between June 24th through 26th, T1 verification will become available and T2 and T3 verification will be added during July.
Users will be able to provide the verification required in their respective tiers until September 1st, when non-Tier verified accounts will become unable to trade.
|Country of residence||x||x||x||x|
|Proof of residence||x||x|
|Extra ID verification||x|
|Default trade or incoming transaction limit (€ / year)||1000||20 000||200 000|