As promised in our previous blog post, we are now glad to announce that LocalBitcoins is launching a new verification system. The new verification process introduces 4 different account tiers distinguished by trade and transaction volume and a progressive verification system, where users gradually verify their accounts as their activity in the platform increases. To ensure that we offer a reliable and efficient verification process, LocalBitcoins is teaming up with Onfido, a leading identity verification technology provider.
The new Account Tier structure is described in the table below, with each Tier’s verification requirements and their respective volume limits. The ID verification and Tier status of each user will be available in the Verification tab of the "Account settings" page, where up-to-date trade and incoming transaction volumes will also be displayed. Trade and incoming transaction volumes are calculated separately according to the account’s data from the past 12 months. The next Tier verification is required when either trade or transaction volume reaches the current Tier limit.
T1, T2 and T3 accounts will be able to send and receive transactions, create advertisements and complete buy and sell trades. T0 accounts, i.e. users who have only onboarding verification, can complete buy trades but will not have a LocalBitcoins receiving wallet address neither be able to sell BTC and post ads.
|Country of residence|
|Proof of residence|
|Extra ID verification|
|Default trade or incoming transaction limit (€ / year)||1000||20 000||200 000||-|