Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.
THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?
I think this is serious subject!
Instead of Checking the regular retail trader nobody Don't check what the Exchangers are doing? They can do what ever they want its no laws Wild West still!
My Question is Why the retail trader are most checked? You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.
Trading on local exchanges, indeed most of them ask for KYC with the basic purpose being for account security. The logic is when we have trouble making a withdrawal to a local bank, and there are problems, then we can prove that it really belongs to us. Trading crypto doesn't just think it's $10 to $50. But there are times when we trade thousands of dollars and withdraw funds to local banks in large amounts. So for me, there is no problem with KYC. Even if the exchange commits fraud, we still have solid evidence to take it to court. So KYC is not a problem for us.
If we think that the exchange party will misuse our personal data? The data without us giving it can also be owned by them. Making such a difficult but capable exchange, let alone manipulating data so simple. So I thought, they couldn't have done such a stupid thing.