The fastest and easiest crypto exchange for trading Bitcoin as Localbitcoins describes itself made an unexpected announcement.
Starting May 26, 2018, users will be able to hold a single account because of latest changes in the EU law.
As a result of adhering to the General Data Protection Regulation (GDPR), Localbitcoins is required to abide by the laws promulgated by GDPR. Thus, following the legislative changes in Brussels, the crypto trading platform is going to make several changes to the confidentiality system, authentication mode, and other parts.
The decision comes as a result of the latest ad made by the platform that created a wave of controversy among users.
Because of anonymous or unidentified transactions, users aren’t fully enjoying the benefits of AML/KYC criteria compliant in other countries. Given that Localbitcoins is based in Finland, it remains to be determined whether the new laws will have to be respected by non-EU residents.
Users who wish to continue enjoying the services provided by Localbitcoins will be required to keep only one account. Starting May 25, users who will use the Localbitcoins platform will have to be over 16 years old and required to add their personal ID data. Otherwise, they will be subjected to risk of losing funds.
“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. “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.”
The objective of the new legislative changes is to improve the confidentiality system. This measure comes as a result of the controversy over the scandal with social media giants and the risks of using cryptocurrencies.