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

P2P bitcoin trading platform Localbitcoins has has said it will launch fresh user identification requirements as part of its push to remain compliant with EU law.

EU Compliance Looms For Localbitcoins

In a statement published February 8, Localbitcoins said it would make “major changes” to its user experience following new anti-money laundering (AML) and know-your-customer (KYC) policies being enacted in its home jurisdiction of Finland.

The country, in line with its own obligations, is upgrading its AML/KYC laws in line with the EU-wide 5AMLD legislation which came into effect last year.

The exact nature of the changes remains uncertain and are a work in progress, says Localbitcoins, with further details to appear in March.

“The legal requirements are still being delineated but it is already clear that it will bring major changes into the functioning of virtual currency exchanges,” the statement summarizes.

Formalization vs. Freedom

Localbitcoins has maintained a reputation as a means for bitcoin users to transact in and out of fiat currency without the same hurdles often encountered with traditional exchanges.

While the platform is already fully legal, changes to identification – and therefore privacy – of users has traditionally met with criticism, such as in 2018 when officials implemented partial verification for larger volume trading accounts.

“The most important changes concerning LocalBitcoins’ users will be related to improving the registration of new accounts and the identity verification processes, introducing wallet withdrawal and trade volume-based verification tiers,” the statement added.

As Bitcoinist reported, certain Localbitcoins jurisdictions have exploded in popularity in the face of economic and political instability, notably Venezuela over the past six months. It remains unknown how need identity requirements would affect such markets.

According to data from Coin Dance, Localbitcoins handled just over 14,500 BTC ($52 million) worldwide in the week ending February 9. The platform’s all-time weekly record, set in October 2015, was almost 40,000 BTC (at the time worth $9.7 million).

What do you think about the platform’s new regulatory requirements? Let us know in the comments below!

Images courtesy of Shutterstock

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source: https://bitcoinist.com/localbitcoins-bitcoin-aml-kyc-crackdown/

Published at Mon, 11 Feb 2019 08:00:33 +0000

March 27, 2017

You Might Be Exchanging Bitcoin With Trading Bots and Not Even Know It

Cryptocurrency trading isn’t easy, but there are many people who have honed the art of trading bitcoins and altcoins on a daily basis. Interestingly enough, most people don’t realize that many cryptocurrency traders use trading bots to execute trades faster and more efficiently, and sometimes even in their sleep.

Also read: An Introduction to bitcoin Trading and Technical Charts

Cryptocurrency Algorithmic Trading Bots

Lots of bitcoin traders use trading bots to perform quicker trades than humans can naturally process by themselves. Trading bots became popularized in the cryptocurrency environment years ago, with the infamous Mt. Gox “Willy & Markus” bots back in 2013. These alleged bots were accused of pushing the price of bitcoin up faster than a natural bull run. However, bots are not necessarily bad tools and they have been used in computational trading since the seventies. They are called bots because the programs execute trades like humans do, but they do it autonomously and can operate continuously without having to rest.

Trading bots or algorithmic trading is a technique that uses pre-programmed software that analyzes market actions, such as time, price, orders, and volume. Bots or program trading is used within many global stock exchanges and is a legal practice for the most part. bitcoin trading bots are said to establish more efficient trading and can be utilized on many well-known cryptocurrency exchanges today. There are bots that are free of charge and can be downloaded online. Some people have also designed their own bitcoin trading bot software. Then, there are trading bot services you have to pay for, offered by various trading engine and programming companies.

Subscription Bot Services

Haasbot

The Haasbot algorithmic trading software, created by Haasonline, trades bitcoin and over 500 altcoins on many popular exchanges. This includes fully automated trades on platforms such as GDAX, Poloniex, Bitfinex, Kraken, Huobi, BTCC, Gemini and much more. Haasonline details the bot is customizable and enables a variety of technical indicator tools.

“Our bitcoin bot utilizes industry leading indicators such as StochRSI, MACD-Histogram, PPO, Ultimate Oscillator, Ulcer Index, Regression Slope Cross, and more,” explains Haasonline.

BTC Robot

BTC Robot considers itself the world’s first electronic cryptocurrency robot. The trading robot offers multiple plans for different types of software and membership. The cheapest robot plan is US$149 for the silver software, which gives traders a downloadable version for various Windows operating systems. Mac users have to pay a touch more. The company notes that its algorithmic trading does not predict markets perfectly, and there will always be losing and winning trades. It further added that:

100% winning systems are impossible, so don’t be fooled by so called “get rich scams” promising such impossible results.

Cryptotrader

Cryptotrader is a cloud-based automated bitcoin trading bot that claims to allow users to build algorithmic trading programs in minutes. The company also offers a “Strategy Marketplace” where users can purchase and sell trading strategies. Cryptotrader says that it is supported by most of the popular exchanges such as Coinbase, BTCe, Bitstamp, and more. The business states that its automated trading bots in are unique compared to the current bots on the market today.

Trade While You Sleep

Bot trading may not be for everyone as the software can be difficult for inexperienced traders to understand. Furthermore, traders have to trust in the efficiency and reliability of companies or the free software that offers algorithmic cryptocurrency trading. There are many different businesses online offering bot services, and some of them may not be legitimate. Alongside this, free trading bot programs can be found on sites like Sourceforge, but people should research diligently before trusting any free software. However, reputable and functioning trading bots may increase trade profits, if used correctly.

What do you think about trading bots? Let us know in the comments below.

Images via Pixabay, Haasbot, BTC Robot, Cryptotrader websites.

Why not keep track of the price with one of bitcoin.com’s widget services.

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