• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore

Localbitcoins Disables Multiple Accounts as EU Regulation Looms

Wilma Woo by Wilma Woo
5 years ago
in News, Bitcoin Businesses, News teaser
0

Popular p2p Bitcoin trading platform Localbitcoins has announced users will only be able to hold one account from May 26 as new EU privacy laws come into place.


P2P: Regulatory Net Tightens

As part of its adherence to the General Data Protection Regulation (GDPR), a new data privacy push from Brussels, the platform will also change how it handles trade disputes and identification requirements among other aspects of its operations.

The move comes around one month after a previous announcement over obligatory identification caused controversy among Localbitcoins traders.

Bitcoinist_South Africa Economic Turmoil LocalBitcoins

At the time, developers garnered criticism from those used to trading anonymously, enjoying benefits unavailable at cryptocurrency exchanges subject to AML/KYC requirements of various countries.

While the company is headquartered in Finland, it remains unclear whether the new privacy laws will govern Localbitcoins users outside the EU.

No ID – No Security

For those continuing to use the platform, only one trading account will be available, while those accounts generating “significant” volumes will face mandatory ID submission requirements.

In line with EU demands, only those over 16 years old will be able to use Localbitcoins at all after May 25, while accounts without attached ID may see funds lost in the event the owner loses or forgets their password.

OKCoin adds video verification

“If you’ve lost all access to your account we will ask you to complete ID verification as part of the account recovery process,” Localbitcoins explained in an advance notice of the changes May 9.

If your account is NOT ID verified we cannot guarantee that we can return access if you’ve forgotten your password and you no longer have access to your email, even if your life savings are in your wallet.

Meanwhile, GDPR itself has already come under fire. Ostensibly aimed at decreasing the risk of unauthorized data usage for social media users in the wake of the Facebook scandal, commentators have pointed out that social media giants will in fact be able to turn the changes into a weapon against their smaller competitors.

What do you think about Localbitcoins’ latest changes? Let us know in the comments section below!


Images courtesy of Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Wilma Woo

Wilma Woo

Related Posts

BitBoy

Crypto Influencer ‘BitBoy’ Arrested Live On YouTube – Here’s What Happened

4 days ago
Upbit

Upbit’s Dark Hour: Fake APT Tokens Wreak Havoc In South Korea

5 days ago
Barclays

Crypto Investor Barclays Announces Closure Of UK Accounts For British Expats

6 days ago
Friend.tech

New Report Dives Into The Good, The Bad, And The Ugly Side Of Friend.Tech

1 week ago
crypto

Crypto Clients In China Targeted As Singapore Expands Money Laundering Probe

1 week ago
TikTok

TikTok Faces Challenge As Elon Musk Crypto Scams Multiply

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Prepare for the Next Bull Market: The 5 Best Cryptos to Buy...

    3 hours ago
  • Meta Force and Lado Okhotnikov Presented the Results of...

    15 hours ago
  • Bitcoin (BTC) and Litecoin (LTC) Ascending – Is it a...

    19 hours ago
  • Ethereum (ETH) and Ripple (XRP) Facing Key Levels –...

    19 hours ago
  • While Stellar And Avalanche Falter, Bitcoin Spark Heading...

    22 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.