LocalBitcoins Cryptocurrency Exchange Leverages Onfido’s Identity Verification Services

Local bitcoin requires proof of identity

At the beginning ofno one considered that elementary schools would go virtual or that offices around the globe would institute a fully remote workforce.

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What a difference a year makes! COVID ground economies to a halt, drove thousands of businesses out of operation, and turned major cities into ghost towns.

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But the shutdown of the business-as-usual accelerated our digital lives. Amazon posted record sales during the pandemic — everyone was making purchases from their screens and tablets. As the entire world logged on, global digital currencies looked more and more appealing, especially if we take into consideration that governments are increasing the amount of money circulating, in order to boost their economies.

Localbitcoins Warns Over ‘Major Changes’ For Users in AML/KYC Crackdown

Put simply, bitcoin has become a safe haven. Although interest in cryptocurrency has grown in the pandemic, newcomers to digital assets may be frustrated by the tedious process of buying crypto.

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In most jurisdictions, the rules that pertain to digital assets are complicated and cryptocurrency exchanges face significant regulatory scrutiny. Because digital currencies are financial instruments, anyone who deals with them must adhere to a whole series local bitcoin requires proof of identity Anti-Money Laundering AML and Know Your Customer KYC standards, which includes document verification as well — and a selfie next to their document does not meet these standards.

Inthis presents a logistical challenge, but even before COVID, no such option existed for digital currencies.

Step-by-step instructions on how to buy bitcoin and other cryptos anonymously.

The second obstacle that faces crypto-asset providers is geographic diversity. Businesses may recognize potential customers and traders in almost every country in the world, but each country has its own rules, its own regulators, and its own designs for identity documents.

A third challenge for cryptocurrency exchanges is ease and speed of verification.

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Simply choosing passwords and security questions for non-financial websites is inconvenient enough; older identity verification tools may require scanning documents and uploading photos. Completing the process is feasible but frustrating, and new sign-ups may have to wait for their verification to complete.

At BitFinex you can start trading without verification if you only deposit cryptocurrency. ShapeShift Using ShapeShift you can buy bitcoins with no ID, but that is because you need to buy altcoins or another digital token before buying. If you already have a token like Litecoin or Ethereum then you can buy bitcoins in seconds with no verification.

At every step of a protracted verification process the risk of abandonment increases. If the verification process is dependent on employees manually checking each user application, that can lead to delays of days before a new sign-up can use the product.

Some banks even believe that those face-to-face account setups, which COVID makes difficult, should be a thing of the past. Thanks to new tools, cryptocurrency exchanges such as Bitbuy and Metal Pay can verify identity documents from dozens of countries around the world to help them meet compliance requirements in just a few options trader. Compliance and convenience are no longer opposed.

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The burden of regulatory compliance should always fall on the institution, not the customer. Cryptocurrency providers have a legal and ethical responsibility to keep untrustworthy people out of their services, but good business sense mandates that they make identity establishment as quick and painless as possible for new customers.

Paradoxically, though, bitboy was inspired by some of the companies bitcoin bitcoin cold storage wallet which crypto currencies have benn on top longest to unseat.

With global identity verification, the business-client relationship starts off on the right foot, regulators are satisfied, and the world of digital assets grows one person larger. Share this article.