LocalBitcoins updates its privacy policy and terms of service

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LocalBitcoins allows users to buy / sell bitcoins directly from other users. There is no company or organization involved and LocalBitcoins acts just as an escrow. The portal has made big changes to privacy policy and terms of service which will come into effect on May 25th 2018.

So, why is LocalBitcoins.com updating privacy policy and terms of service? On May 25th, General Data Protection Regulation comes into effect. All of its customers will benefit from this regulation as their new Terms of Service and Privacy Policy will be the same for everyone, regardless of location or residency.

Here is what has changed. You can read them in detail here.

* Improved clarity and transparency. We’ve split our Terms of Service and Privacy Policy into two separate documents to make them easier to read. We removed a lot of unnecessary text and made the terms better reflect the services we provide. Our Privacy Policy is, essentially, completely re-written and contains detailed information on how we take care of your personal data.
* Trading, advertising, and disputes. Our Terms of Service now includes comprehensive information on trading, advertisements, and the trade dispute process.
* Collection, storage, and processing of personal data. Our Privacy Policy has been rewritten, we explain what personal data we gather, how and why we process it, who we share it with, account deletion, and our data retention policy.
* You must be 16 or older. The new terms require you to be at least 16 years old to use our services.

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