As promised in our previous blog post, we are now glad to announce that LocalBitcoins is launching a new verification system. The new verification process introduces 4 different account tiers distinguished by trade and transaction volume and a progressive verification system, where users gradually verify their accounts as their activity in the platform increases. To ensure that we offer a reliable and efficient verification process, LocalBitcoins is teaming up with Onfido, a leading identity verification technology provider.

The new Account Tier structure is described in the table below, with each Tier’s verification requirements and their respective volume limit. The ID verification and Tier status of each user will be available in the Verification tab of the "Account settings" page, where up-to-date incoming trade and transaction volume will also be displayed. Incoming trade and transaction volume is calculated according to the account’s data on buy trades and received Bitcoin transactions from the past 12 months. The next Tier verification is required when incoming trade and transaction volume reaches the current Tier limit.

T1, T2 and T3 accounts will be able to send and receive transactions, create advertisements and complete buy and sell trades normally. T0 accounts, i.e. users who have only onboarding verification, can complete buy and sell trades but will not have a LocalBitcoins receiving wallet address neither be able to post ads.

Between the 24th and 26th of June, T1 verification will become available and T2 and T3 verification will be added during July. Users can provide the verification required in their respective tiers until the 1st of October, when non-Tier verified accounts will become unable to trade. All data provided remain subject to LocalBitcoins’ Privacy Policy.