One of the last places you could buy Bitcoin BTC (somewhat) anonymously online has implemented new compliance regulations that make it impossible for users to obscure their identity.
LocalBitcoins.com announced yesterday that it implemented new measures to satisfy the European Union’s (EU) 5th Anti-Money Laundering Directive (5AMLD).
What’s more, LocalBitcoins is also developing a new identity verification process, with a yet-to-be-disclosed release date.
It will introduce four account levels for individual traders; they will be ranked on trade and BTC transaction volume.
The exchange hopes this will highlight trustworthy traders over less trustworthy ones.
Corporate traders will be subject to a separate process, LocalBitcoins has not disclosed the details, though.