Bitcoin Forum

Hello all, yesterday I deposit a SEPA in Bitstamp; that are asking me (for the tenth time) again a lot of questions, even screenshots from my other exchanges to demonstrate that I bought altcoins.
I am Bitstamp customer since years and I am getting tired of all this. That have MY MONEY in Hostage, be careful with them. It seems as they have problems with bank accounts.

They are NOT trustworthy!

Thanks you sharing. Hope you get your withdrawal soon. As long as you have your BTC or cash deposit with them, you have no choice but to trust them.

Hm, interesting.  I too hope you get your money back, but please keep us apprised of what's happening either way.  These exchanges, man.  So many problems, so much drama, so little faith in them.  I use Circle now to buy bitcoin--very easy, very quick, no hassle.  I don't trade altcoins much, so I've no real need of an exchange nowadays.

Bitstamp seem to have consistently led the way in being super anal about this type of stuff. I've heard of them demanding tax documents from users. I don't get it. Once you're verified you should stay verified. I'm sure they don't want to have to be so heavy but there must be less offensive ways they can keep The Man off their back.

well they were hcked afterall, i'm not goign to touch their exchange ever, now, and i'm lucky that i didn't give to them the id

id credentials stealing is more real than many believe, you can get in serious trouble if they are used for criminal activity, worse than losing your money...

Still no answer from support! I don't know either if I buy bitcoin if I can move them from there. I don't risk it until they don't answer me. At least there is trace of fiat SEPA I can use for a legal action.
The absurd is that I have moved large sums and I am super verified.
Planning to go visit them. Personally.
Anyway someone should investigate deeply.

I just tweeted to bitstamp, Nejc Kodric and coindesk

That is the main reason why i am not getting in altcoin trading with exchanges because they are not reliable after all hardwork suddenly the altcoin will lose the value or the exchange will start to scam. so it is better to be with bitcoin for trading.

But any way thanks for informing about the site details and their problems so that others can be alert of the problem with the bitstamp.

Actually the problem are not alt coins. I trade with no issues in btc-e and kraken. The problem is Bitstamp.

You should move this thread to the scam sub forum.

What do altcoins have to do with bitstamp? You can only trade BTCUSD there.

Yes, but they asked me a screenshot (for the tenth time!) of my trade btc alt coin to verify that my btc deposit come from that. But I am really tired abou them. They should ask for this BEFORE I deposit, not AFTER.
I will give them the screen shot, after that I am going to close the account. They are losing a very good customer. But first I want to be sure I can withdraw btc before buy them.

Still not able to understand what is your problem, you deposited fiat currency on that site and then you are trying to buy bitcoins or what fiat currency you deposited in that site is not credited . which one is the problem.

The problem is that they continue asking me documentation also about the source of my money!
 Bitstamp is finished

Anyway, it seems I should be able to buy and move mi btc. After that i will close the account.

I mean, I doubt they are like this by choice. Many of the quicker, more instant exchanges are anonymous and unregulated. Bitstamp is regulated and has to verify a lot of information, just like a FIAT exchange.

I agree with regulation and informations. But there's a limit.
Same questions and even more deeply into privacy is not tolerable though.
If they do that for excess of compliance they are crazy.
If they do that because they are forced to they lost control.
In both cases they are finished in my opinion.


My bank doesn't ask me what they did. And it says it all (believe me, Italian banks are absolutely dominating people' life).

P.S. I have been able to buy btc and move them away with no issues. And they lost a good customer.

If you are not a scammer or a thief, what s the problem? I like to know my exchanges prevents thieves from getting access to BTC. If u do some illegal stuff, I do not want you in crypto anyway.

Yes this type of regulation for bitcoin exchange platform is supressing the real value of bitcoin being anonymous and secure. We need some kind of decentralized multisign featured bitcoin exchanger or similar to it. ::)

Bitstamp was one of the best exchangers and they asking for so many details is weird.


Do they ask these details every time you deposit and withdraw money or this was the first time? If so then it's better to shift to other good exchanges like btc-e or gemini.

use the words thief or scammer it to people you know. Be quiet and measure your words boy, very careful.

As I wrote, I am tired about all this requests:
"Dear *****

thank you for your reply and documentation provided.

We understand that you receive bitcoins by trading various different alt-coins, however we were trying to establish how you obtain alt-coins. Do you mine them, do you purchase them on other exchanges, etc?

Would it be possible to better clarify how you acquire alt-coins and where? Any screenshots to confirm this activity, would be much appreciated

In addition, we would kindly ask you to provide us with a document which confirms how the funds you have recently deposited to your Bitstamp account have been acquired? For example, bank statement showing the income source, sales agreement or anything similar.

Thank you for your cooperation and understanding"

They are asking me stuflike this every time I make an operation.
If you think this is acceptable I don't want YOU in blockchain echosystem because you must be one of those who want to keep control of normal people.

The best slave is the one who wants to be it.

That's seriously fucked up. Why is that all I need to do to spend countless millions on shares through global behemoths is prove who I am, yet someone has to give multiple year breakdowns of the origin of every scrap of money to a bunch of floppy haired students in Slovenia? That's not acceptable in anyone's book.

great and sad at the same time - after Mtgox, then Cryptsy now Bitstamp. For me the hole Cryptoshit proof of concept failed in the betastage extreme! i go bank to convetional Money, the benefits of cryptomoney are so outnumbered by the reality , i am realy done with this shit.

Bitstamp is okay, they follows the regulation closely. This is the problem. Many people don't like this.
Besides, their fee is high.

My point exactly. If u did nothing wrong and your money comes from legit sources, what is the problem with following regulation closely? Why would we all want to have shady deals, ponzi pumpers and scammers in crypto. Again, I m not saying OP s one of these people, just do not see the problem. Send them what they ask for and they ll stop bothering you with this.

+

Some people are very aware of their privacy. They do not want other people to know their flow of the money.

Yeah they are expensive but their service level is good and that's something which cost money.
So nothing unusual here.

I Have Never had a problem with them!
I was extremely careful after hack but after all i'm really satisfied how they are working..

I avoid big amounts of bitcoin there, but no they are quit trustworthy.
After the hack i thought they would do some weird tricks, but lucky for us customers, nothing happend.

Money service business are going to be asking questions if you raise a red flags according to their AML policies. This is true for some bitcoin exchanges as well as for banks.

I agree. 99% of these people re called drug dealers and criminals and they have a reason why they do not want other people to know their flow of money.

They are just being over cautious. They make things difficult even for the customer, but at least they have are prepared to protect your account from hackers.

I cannot agree that they are untrusted. Otherwise they made full KYC on me while depositing from German IBAN. Everything went smooth. I just can't understand where they are incorporated? Slovenia?

Ive send there some funds there and now can't withdraw it.
"BITCOIN WITHDRAWALS ARE CURRENTLY UNAVAILABLE FOR YOUR ACCOUNT." and this kind of message is for every crypto.
Support doesn't answer to e-mail. Tried to call them on phone number from website - it's turned off and message box is full.
No warnings over Internet except that they can be harassing about trading history from other exchanges.
Strange.

Around the end of 2017 I transferred 1000 euro to my Bitstamp account with the intention of purchasing some cryptocurrency. Bitsstamp replied that they were unable to process the deposit due to the fact that the money had come from a different bank account than the account that I had registered with Bitsstamp 4 years ago (I have several bank accounts).

I had overlooked the fact that in their conditions of trade they state that they can only accept deposits from bank accounts which have been previously registered with them. They said that if I did not wish to open a new Bitsstamp account they would return the deposit, less transfer costs.

I confirmed that I did not wish to open a new Bitstamp account and asked them to return my deposit accordingly, less transfer costs. They did not respond to that message. After several days I asked them to respond and repeated my request to return the deposit - again, no response! After around 2 weeks I finally resorted to sending a registered letter threatening legal action via the European Small Claims Procedure (Regulation 861/2007) to their UK address and to their company registered address in Luxembourg.

Finally – 2 working days after I had sent my registered letter – they responded with apologies for their delayed answer and confirmed that they had instructed their bank to carry out the repayment of my deposit. I received the repayment the following day. I don’t know whether the repayment was actually triggered by my registered letter. But the timing would suggest that this is probably the case. I could also see on the bitstamp forum that they have recently been overwhelmed by customer contacts. On the basis of my ticket number, as far as I could see they had issued around new 3000 tickets in 9 days.

I suspect that Bitstamp is not untrustworthy, but simply inefficient. They would do well to employ more staff and/or implement better automated processing systems in order to cope with peak demand.

Wow. Asking for all that shit. They ask for diff shit untill u can't provide one, then block your money. It's called paypal. Glad I never signed up for this POS bitstamp. All exchanges based in USA / UK should never be used IMHO.