For users opening an account, they simply take a photo of their government-issued identity document ID and a selfie to complete the verification process. This ensures the person presenting the identity is its legitimate owner and is physically present.
Users looking to access higher trading volumes simply take a selfie video and a photo of their ID, giving LocalBitcoins more assurance in that user. Users are able to join the service more quickly and with a more user-friendly online experience that meets regulatory requirements.
LocalBitcoins, launched inservices over a million active users globally each year. They enable customers around the world to trade bitcoin easily and securely through over-the-counter trading of local currency in exchange for bitcoin.
Essential to this is building a trusted environment between customers, as well as the LocalBitcoins brand; get security wrong and customers could lose their assets.
Knowing their customers is therefore vital, both in terms of KYC requirements and preventing fraudsters from accessing the platform.
Onfido plays a big part in that, giving us confidence that our users are genuine at any stage in their journey with us. Sign up for the free PCR Daily Digest email service to get the latest tech news straight to your inbox.