On Monday, the Helsinki-based peer-to-peer crypto exchange Localbitcoins announced it is adding several different identification processes in order to improve AML and KYC requirements. The move to bolster the new customer verification procedure follows Finland’s Financial Supervisory Authority (FSA) mandating supervision over exchange operations.
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Localbitcoins Adds a New Verification Process Due to Regulatory Guidelines
The BTC trading platform Localbitcoins specializes in peer-to-peer and over-the-counter bitcoin exchange throughout nearly every major city in the world. Years ago, the Helsinki operation was well known for providing a platform that allowed people to trade in a private fashion. In those days, traders could swap fiat for bitcoins or vice versa without the KYC processes involved with other exchanges. However, over the last two years, Finland’s regulations and newly introduced policies have made it harder for many crypto…