On April 17, social media users were re-evaluating the thought of peer-to-peer (P2P) trading platform, LocalBitcoin, after a trader produced evidence that a personal ID is now required to buy and sell Bitcoin for some tradevalues.
Reddit user u/yellowcuda produced a screenshot of the P2P marketplace in which an account holder received a message due to a “significant trading” over the past year.
The message read, “Error! Your trade volume has been significant in the past 12 months. Please, verify your ID to continue trading.”
The trading platform has been around since 2012 making it one of the oldest of its kind. With new and higher fees to cope up with the fluctuations in Bitcoin network cost, users still praise LocalBitcoins because of its low-key yet reliable presence.
However, some traders think that handing over personal documentation is unnecessary because it will result to lack of anonymity against the ethos of the non-corporate segment of the crypto industry.