LocalBitcoins demands Know-Your-Customer (KYC) verification to buy or sell.

Hey everyone I ran across this article and I wanted to share it with all of you. Looks like some pretty big changes coming up for LocalBitcoins. Just recently, "larger transaction" sellers and buyers are now required to verify their identity in order to continue trading. There is now an error message that reads, “Error! Your trade volume has been significant in the last twelve months. Please verify your identity to continue trading.” This could be a crucial hit for LocalBitcoins. If you are not familiar with LocalBitcoins, it is essentially an anonymous website where you can place Buy and Sell orders for Bitcoin and pay using either 3rd party digital payments options or meeting up in person and paying with cash. LocalBitcoins would hold the BTC in escrow until payment was received and then the seller would confirm payment, and then LocalBitcoins would release the BTC to the Buyer via the escrow. Some buyers were willing to pay a premium due to the fact that their identity remained anonymous. Now it looks like a giant wrench has been thrown into the mix.

Now LocalBitcoins is using an ID service called "Netverify" created by a company named Jumio. Users will have to submit a picture of their license...both front and back. Netverify will then determine if the ID is in fact real or not. Of course this is being done in the name of preventing "money laundering." Do not be fooled...this is a direct ATTACK on Cryptocurrency FREEDOM! LocalBitcoins is using their position to enforce draconian laws between the transaction of two individuals who want to make a free market trade. Free Market intervention strikes yet again...

This could be a fatal blow to LocalBitcoins. Bitcoiners are now turning to decentralized exchanges (DEX) such as Barterdex, Bisq and Hodl Hodl and refusing to continue using Localbitcoins. LocalBitcoins was also a great alternative for individuals who did not want to wait for Coinbase's verification process. It could take up to 6 months to get verified by Coinbase. That is a lifetime in the crypto world, where the market moves fast. Not to mention that recently the IRS won a case against Coinbase, forcing Coinbase to reveal info on their "Larger" purchasing customers.

This could be a big boost for Decentralized Exchanges (DEX). DEX today have the operating platform, but they don't have the liquidity like Centralized Exchanges do. If enough people stop using LocalBitcoins, this could be the catalyst that puts DEX on the map. "On the basis of having freedom and the integrity that comes with it, many bitcoin traders will lean towards using DEX exchanges only." I included a link below that was used as reference.

https://oracletimes.com/localbitcoins-demands-know-your-customer-kyc-verification-to-buy-or-sell/

Let me know what you think. Will this be the end of LocalBitcoins? Will this start the DEX revolution? Do you think KYC and AML are good things? Please comment and feel free to resteem to help get the word out.