If you’ve ever had a sudden need for fiat while all in crypto, you’ll understand the difficulty of cashing out without KYC-ing away your identity and that of your unborn children. Localbitcoins is now an AML hellhole, Bisq is great if you’re happy to wait two days for a trade, which leaves what exactly? Localcryptos.com. That’s what.
Also read: A Bitcoin War Is Brewing Over KYC
What’s the Deal With Localcryptos?
Before its rebrand, Localcryptos (LC) went by the name of Localethereum. Launched in Australia in 2017, the platform’s addition of BTC support in late 2019 made a name change inevitable. Just as Localbitcoins.com (LBC) was raising its shutters, ejecting traders who’d been with it for six years through draconian KYC, Localcryptos swung open its doors and welcomed in the misfits whose only ‘crime’ was to desire to swap magical internet money for filthy fiat in privacy. LC haven’t minced their words in describing their main competitor, LBC, as “centralized, custodial and a far cry from private.”
The Finland-based LBC, to be fair, didn’t want to KYC all their customers away to Localcryptos; blame EU regulators and the jackboot stomp of AML legislation that crushes all who stand in its path. Still, when you can’t even make it past the login screen of Localbitcoins to export your trading reputation into Localcryptos due to KYC notices that literally stop you in your tracks, there’s something very wrong. KYC is a cancer on society and the world would be a better place without it.
But the purpose of this article isn’t to bitch about KYC – there are plenty of other news.Bitcoin.com articles that do that. Rather, it’s
