Disturbing Practices from BITSTAMP.net

[major job]

 
 Major warning to all about Bitstamp. net

I'm a customer on the exchange for three years and recently tried to catch the $700 price rise with my savings, to my initial surprise and frustration  it was held in the "getting to know your client" phase, checked the Terms, nothing. WTF?  

Answer 10 specific questions.. OK..not good enough.. id (too old) ... no more id .... now bank .... more proof ... savings.... tax returns ...

Never once was the process clarified or clear at the start and the option to opt out in line with the Data protection act? forget it! I protested at each step never once was my concerns addressed or that option given.

I had repeatedly just asked to move on, return money and close as i did not agree with the process. Never once was it offered and my money, ALOT of money is currently being held away from my account.

... and then once i made a complaint and seeked assistance or clarification the support system stopped and now i'm awaiting the return of my money which they are holding against my wishes... via the complaints department.

all my savings... dam.. i'm one stressed man.

Am i alone with this?

[mayax]

 Major warning to all about Bitstamp. net

I'm a customer on the exchange for three years and recently tried to catch the $700 price rise with my savings, to my initial surprise and frustration  it was held in the "getting to know your client" phase, checked the Terms, nothing. WTF?  

Answer 10 specific questions.. OK..not good enough.. id (too old) ... no more id .... now bank .... more proof ... savings.... tax returns ...

Never once was the process clarified or clear at the start and the option to opt out in line with the Data protection act? forget it! I protested at each step never once was my concerns addressed or that option given.

I had repeatedly just asked to move on, return money and close as i did not agree with the process. Never once was it offered and my money, ALOT of money is currently being held away from my account.

... and then once i made a complaint and seeked assistance or clarification the support system stopped and now i'm awaiting the return of my money which they are holding against my wishes... via the complaints department.

all my savings... dam.. i'm one stressed man.

Am i alone with this?

It is your right to refuse their verification and to get the funds back.

Contact their bank (what's Bitstamp bank's name?) and tell them that Bitstamp is a fraudulent company who is holding your funds without delivering the service. This is the first step. Then, contact your bank and ask them to return the bank wire because Bitstamp (receiver) is scamming now.

[European Central Bank]

Nope. The questionnaire thing has been around for years. I've also heard about the tax return thing but never quite believed it. It looks like it is a thing after all.

They've always been very uptight but maybe since they've gotten regulated by whoever the hell it is they've gotten even more strict. Once I'm verified I expect to stay verified.

This thread - https://www.reddit.com/r/Bitcoin/comments/2jfg1m/bitstamp_terminated_my_account_and_took_my_coins/ also claims they won't deal with anyone with a criminal record. WTF?

Hopefully you'll get your money soon. never go back and tell them why you're not going back.

[bitcoinisfurture]

Well definitely if you had faced this issue it could be specific to you or if others have also faced the similar sort kindly share your experiences since certainly bitstamp would have millions of users register with them and many would be part of this forum as well.

[BitHodler]

 Major warning to all about Bitstamp. net

I'm a customer on the exchange for three years and recently tried to catch the $700 price rise with my savings, to my initial surprise and frustration  it was held in the "getting to know your client" phase, checked the Terms, nothing. WTF?  

Answer 10 specific questions.. OK..not good enough.. id (too old) ... no more id .... now bank .... more proof ... savings.... tax returns ...

Never once was the process clarified or clear at the start and the option to opt out in line with the Data protection act? forget it! I protested at each step never once was my concerns addressed or that option given.

I had repeatedly just asked to move on, return money and close as i did not agree with the process. Never once was it offered and my money, ALOT of money is currently being held away from my account.

... and then once i made a complaint and seeked assistance or clarification the support system stopped and now i'm awaiting the return of my money which they are holding against my wishes... via the complaints department.

all my savings... dam.. i'm one stressed man.

Am i alone with this?

Bitstamp is well know for their more than annoying verification process for quite some time now.

I had similar difficulties when trying to get my account verified there but each time they were not happy with the documents or the resolution of the scans, bla bla bla.

After more than a week I stopped trying to get verified there and went to Kraken where the exact same documents were accepted directly.

[major job]

Thanks for the support guys, i'll keep you all updated.

I find the whole situation unfathomable and insulting that i can't say no and have my money returned. It is a mystery  to me, not to mention fraudulent. Now  it feels like i'm being made to wait because i made a complaint?! Like you said 'once i'm verified i should stay verified'. I have again requested clarity on what they are actually doing right now instead of  just returning my deposit, my balance and then just closing the account.

I sincerley hope we can collect some other documented incidents  and reach out to the larger bitcoin community. This is just unacceptable.

 A good idea to contact their bank, unfortunately i have spoken to mine first. But have just drafted an email to GORENJSKA BANKA D.D., KRANJ anybody based in slovenia (bank ) or luxemberg  ( bitstamp office )

I would love to know who 'verified' them.

Cheers all

[pedrog]

You should inform yourself first on what laws the particular exchange has to abide to.

This stuff has been in place in EU since I can remember, I assume it got a bit stricter in latter years, but nothing new...

[major job]

You should inform yourself first on what laws the particular exchange has to abide to.

This stuff has been in place in EU since I can remember, I assume it got a bit stricter in latter years, but nothing new...

I need a place to start, any suggestions please? Legal assistance is the next step.

 and still it continues to many....

http://theblogchain.com/bitcoin-exchange-reviews/bitstamp-review/#comment-570285

I think the worst is how they do not value their customers or the bitcoin community.

[mayax]

You should inform yourself first on what laws the particular exchange has to abide to.

This stuff has been in place in EU since I can remember, I assume it got a bit stricter in latter years, but nothing new...

I need a place to start, any suggestions please? Legal assistance is the next step.

 and still it continues to many....

http://theblogchain.com/bitcoin-exchange-reviews/bitstamp-review/#comment-570285

I think the worst is how they do not value their customers or the bitcoin community.

1. send a certified letter(confirmation of receipt) to Bitstamp's address along with your complaint. Use official words, explain your issue in details, don't be mean.

If you do not receive any answer follow the step 2:

2. you need to make a complaint at : Luxembourg Financial Industry Supervisory Commission (known as CSSF)

https://www.cssf.lu/en/consumer/complaints/

This is the MAIN advantage when an exchanger is financial licensed. They cannot hide.

You will get the money back for sure.


3. send me 200 euro(you would be 400 for a lawyer to advise you  LOL )

[major job]

Done, 39th day - account unblocked by 'local authorities' and my money is on its ways

Thanks so f**king much you bunch of nob goblets - (the exchange not you guys!)

so to find a new exchange - which one then - or which thread shall i follow?

Thanks people thank you so much.

[MatTheCat]

And this is just one of the reasons why Bitstamp has faded away from being a major exchange, to a low volume, low liquidity bullshit exchange....

Bitstamp is well know for their more than annoying verification process for quite some time now.

I had similar difficulties when trying to get my account verified there but each time they were not happy with the documents or the resolution of the scans, bla bla bla.

After more than a week I stopped trying to get verified there and went to Kraken where the exact same documents were accepted directly.

I would stay well the fuck away from Kraken as well mate. If u must, use them as a means of getting funds into BTC, get those BTC, and then get them the fuck off that exchange.

But with that said, if none of the exchanges are trustworthy (and none of them are), then that somewhat renders Bitcoin as a wholly unreliable asset.