Bitcoin, Crypto currency, Blockchain

Update on local bitcoins: bye-bye, privacy!

be52cc01bcc3cd744db50bd80ce161a6 - Update on local bitcoins: bye-bye, privacy!

The trading platform is local bitcoins leads from the 25. May new rules. In order to act in the future on the platform, you have to follow the Know-Your-Customer rules, and in certain cases, provide proof of identity. In addition, they published the Changes in terms and conditions of use and privacy policy.

After the Changes to the guidelines had already taken care of last month for sedition, it makes local bitcoins now officially. The company bowed to the regulatory pressure and published on 9. May new guidelines, terms of use and privacy. According to the official announcement, the company from Helsinki feels compelled to revise its customer policy in terms of privacy.

Like local bitcoins can be stated that the Changes in the terms and conditions of use in Accordance with forthcoming EU directives. Therefore, users must be over 16 years old and may only have one Account per Person. In some cases, the need to identify himself with his ID card. For example, when Acting on a certain volume, when there is a suspicion of abuse of the Accounts, to Investigation by authorities on suspicion of fraud, and the Account in case of loss to restore.

Data-protection conditions to be doctored

Except for the terms and conditions of use, the privacy policy got a Review. Here is local bitcoins gives the right to the data to partner companies. These include Jumio Netverify (verification of identity data), Mixpanel (data Tracking in the case of Trades), Sentry.io (Fix errors) and Google Analytics (collating information about how Services are used). Also, you are still working with some of the other companies to improve their Services in terms of communication.

Another point worth mentioning is the Deletion of Accounts. As you can see from the Homepage of local bitcoins, is the from 25. May only possible when you have not used the Account for Bitcoin transactions. Otherwise, the company reserves the right to store the data for up to five years. If you should not agree to the Changes, and recommends that local bitcoins is the following:

“If you know now already that you will not agree to the Changes, we recommend that all of the Bitcoins from your Wallet to deduct and – after the 25. May – to delete your Account.“

The listed points are only an excerpt, the whole of the Changes here, here and here.

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