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Title: Bitstamp exchange crazy new KYC Post by: dkbit98 on January 19, 2021, 08:41:53 AM Bitstamp exchange have some new crazy KYC rules for external wallets due to new regulations in Netherlands.
Customer needs to prove ownership and send kyc for withdrawal on ANY third party wallet address or other exchange starting from January 15th. Withdrawals directly to third parties is no longer allowed! https://i.imgur.com/dnvHEdM.png https://i.imgur.com/zGImcbu.png https://twitter.com/plan_marcus/status/1350951664258322439 Title: Re: Bitstamp exchange crazy new KYC Post by: The Sceptical Chymist on January 19, 2021, 08:59:14 AM What does it take exactly to whitelist a bitcoin address? Am I reading this blurb from Bitstamp the same way you are? It doesn't appear on its surface to require any KYC info from its users (though I suppose that could be built into whatever the whitelisting process is).
Anyway, KYC requirements are only going to get stricter and more pervasive, not less. The wild west days of complete freedom are slowly coming to an end--unless the bitcoin community figures out a way around this (like not using centralized exchanges, for example). Title: Re: Bitstamp exchange crazy new KYC Post by: malevolent on January 19, 2021, 03:43:44 PM It was known this was coming (travel rule) and I recall at least one other exchange doing something similar.
"You have to withdraw crypto from Bitstamp to your own wallet first if you want to send it to any third parties" really shows how out of touch these regulators are. Of course, the next step is banning users who later send the funds to a non-whitelisted address, wouldn't be surprised if major exchanges and perhaps even gambling sites one day all cooperated on this matter (much more closely than now). What does it take exactly to whitelist a bitcoin address? Am I reading this blurb from Bitstamp the same way you are? It doesn't appear on its surface to require any KYC info from its users (though I suppose that could be built into whatever the whitelisting process is). KYC = Know Your Customer That includes snooping on or restricting their spending habits. Title: Re: Bitstamp exchange crazy new KYC Post by: figmentofmyass on January 19, 2021, 08:52:50 PM What does it take exactly to whitelist a bitcoin address? Am I reading this blurb from Bitstamp the same way you are? It doesn't appear on its surface to require any KYC info from its users (though I suppose that could be built into whatever the whitelisting process is). there is a new requirement to upload a photo that "proves" it's your address. i can't find anything specifying the exact photo requirements---not sure if it's like a selfie with the address written down, or what. i figure it's supposed to function as a legal declaration that your withdrawal address is yours. this removes the possibility of bitstamp having liability for third party money transmission. it means that if any illegal activity is linked to outputs that came from your account, they can point the finger at you and send law enforcement after you. it'll also make snooping by tax authorities much easier since most people will just hand over their privacy (maybe even a master pubkey) instead of taking effort to tumble their exchange withdrawals. Anyway, KYC requirements are only going to get stricter and more pervasive, not less. as a matter of fact, the USA is on the cusp of passing regulations that will require the same thing. https://www.coindesk.com/fincen-wallet-rule-defi |
