The over-to-counter P2P-platform LocalBitcoins has implemented obligatory identification for traders.

Users of social networks report that the most popular decentralized trading platform for bitcoins started to require obligatory ID verification from those traders users with "significant" trading volumes. The Helsinki-based OTC platform still did not provide any comment on its decision.

The most active users of LocalBitcoins, that is most popular P2P bitcoin marketplace in the world, suddenly began to receive notifications about the need to go through the identification procedure. In a Reddit thread, users suppose that LocalBitcoins bent under the pressure of world regulators demanding the service to comply with KYC/AML legislation ("Know your customer" and "Anti-Money Laundering").

Customers of the service note that such notifications come to those who are trying to advertise their services as bitcoin broker, as well as to those whose sales volumes for the last year were, according to LocalBitcoins, "significant."

Reddit users declare that "the long lasting bastion of freedom fell" and discuss what choice they have to substitute LocalBitcoins. Some mentioned such competing crypto exchange services, as the decentralized application Bisq or P2P-crypto-exchange HodlHodl. As stated by one of the users:

"Both have significantly less volume, but that seems about to change. I don't see traders not migrating to those two services given that commission on both is lower than LBC."

According to statistics, the trading volume on LocalBitcoins during the week, ended on 14 April, amounted to 8468 BTC, or almost $60 million.