The only reason I use LBC right now is because of the fact that it doesn't require identification. If I'm forced into giving away my personal details, I'm definitely going to find somewhere else to trade.
I understand why people don't what to verify, but for my use it doesn't really matter. I only use it to sell small amounts and as I'm using direct payment to my bank I have to give the buyer my name anyway. For larger amounts, I'd always use another exchange with better rates anyway. I guess it depends on what country you are in but for me, other exchanges means paying international wire fees and paying the spread on the currency conversion.
Right. But the thing is that not everyone is willing to provide their ID regardless of the amount, and they'd rather stay anonymous. Localbitcoins even used to allow you to put out advertisements on their platform without ID, which is no longer possible. People who wanted to stay anonymous could even get above market price for their coins this way, and now, that is gone.
Also, I don't think that they have released enough information on when you're going to be asked to provide ID. Like what is "significant trade volume" anyways? At least release a precise schedule of at how much volume you'll be asked to provide ID.
All in all, this probably won't affect most established traders anyways, but it's a hassle if you don't want to give out your personal info and you want to trade actively. Also shows that regulations are tightening up on crypto everywhere.
SO don't hesitate to provide your information for a good cause which can earn you some money.
