LocalBitcoins Extend Verification Process Timeframe

LocalBitcoins Extend Verification Process Timeframe

OTC exchange service, LocalBitcoins has extended its new Tier verification process giving users more time to get their accounts in order.

Their users will now have until October 1st to complete their new four Tier verification system which is in place. They rolled the system in July, which sees users able to qualify for different services on the LocalBitcoins website reflective of their level of verification they have completed.

For example, Tiers 1, 2 and 3, which requires users to provide a physical address and complete KYC are able to send and receive transactions, create advertisements and complete buy and sell trades, while those in Tier 1 can only complete buy trades.

Each Tier also contains its own trade volume limits, which LocalBitcoin’s have warned if you exceed before you have completed verification will result in your account being suspended until which time this information is provided. As such, if you want to enjoy unhindered and uninterrupted seamless trading then you need to get your account verified asap.

Documents provide for verification need to be valid internationally, so passports and driving license for example, but can be provided in any language. Latin characters are recommended and you should ensure the documents have the same name as your LocalBitcoins account. They have also noted that Russian and Chinese documents will begin processing at the end of this month.

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