Bitcoin Forum

It's been known for a while that Bitstamp are right up there with Coinbase when it comes to invading the privacy of their users. They constantly push the most invasive KYC imaginable, including requiring Dutch users to prove ownership of their own wallets and addresses (https://bitcointalk.org/index.php?topic=5310608.0) prior to being allowed to withdraw. Do you currently have funds in your account that they are ransoming for your KYC information?

However, this will soon become the reality of every centralized exchange. The reason they do this is because if they don't, they will not be allowed to operate in certain jurisdictions or they will be shut down altogether. Unfortunately, the majority of bitcoin users seems more than happy to sacrifice every tiny shred of privacy they have and let these companies monitoring everything they do. And as long as these people keep using these terrible exchanges and letting them turn a profit, these exchanges will continue to invade your privacy more and more.

The only way to be sure of avoiding this ridiculous KYC is to avoid centralized exchanges altogether and trade on decentralized, peer to peer platforms.

We should really be prepared for that but for now people could still able to enjoy to have those unverified account benefits in some popular platform where you do have some sufficient limits
on daily basis without needing on exposing off your your identity or giving out your personal information but i wont be surprised that one day those good old days would
definitely be changing up with something mandatory KYC for you to proceed on.

No one could ever know on what would happen ahead and this isnt only limited to Bitstamp but also with other exchange as well where chances or possibility is always there.

@OP, do you have funds stuck on that exchange?If none, then its no worth on complying something.

There is always a risk of having to complete KYC (or complete additional KYC) on any centralized exchange, even the ones which allow non KYC accounts up to a certain limit. If they decide you are trading too much, or they don't like a pattern of trades you make, or they don't like where your deposits are coming from, or they don't like where your withdrawals are going, or any number of other undisclosed reasons, then your account can be frozen and KYC demanded. If you don't want to complete KYC, then you can wave goodbye to your coins. The only way to be sure of avoiding KYC is to avoid the centralized exchanges which demand it.

Data is a valuable commodity. Just look at how many billions of dollars Facebook have made by selling individuals' information. The worrying thing is how Bitstamp are permitted to share/sell your data with pretty much anyone they like:

Wow, that's really messed up  :o
If I even find it very hard to verified simple KYC procedures rolled out by other exchanges such as just uploading national ID, date of birth and name then Bitstamp's requirements would be over the top for me.

I have seen this kind of KYC verifications with Localbitcoins. Never used it since then.

Every exchange will follow what Bitstamp is doing since financial regulators such as FATF are clamping down on centralized exchanges custodial services. Beginners should understand that they will be required to give up their personal information to these platforms sooner or later if they will use it.

Knowledge is public, you just have to look for it - and Bitstamp has been known for years for things like this. Whether they do it on their own or are forced to play detective remains a question.

https://bitcointalk.org/index.php?topic=5202585.msg55331583#msg55331583
https://bitcointalk.org/index.php?topic=5310637.0
https://bitcointalk.org/index.php?topic=3682705.0

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https://i.imgur.com/5NqUCzf.jpg
https://si.linkedin.com/in/ana-kovac-941693167/de

If we are to believe her Linkedin profile she is still in Bitstamp. Why do you ask, maybe you have some kind of business proposal for her? ;)