Bitstamp is scaring customers away

[MeTell]

Bitstamp is having a new KYC that goes far beyond anything reasonable. Here is what they are asking:

Your current occupation:
Your annual income:
Your net worth:
Your source of funds:
Your annual deposit estimation:
Your annual transaction number estimation:

If you question there KYC your account will be terminated. It's sad since it's one of the most trustworthy exchanges, but even a master can lose it and Bitstamp has lost their mind completely. No government is ever requesting the above information from Bitstamp.

There are many threads about Bitstamp:

https://www.reddit.com/r/Bitstamp/comments/8g72sb/is_bitstamp_planning_to_run_away_with_the_money/
https://www.reddit.com/r/Bitstamp/comments/8fys1a/bitstamp_kyc_process_is_never_ending_bitstamp/
https://www.reddit.com/r/Bitstamp/comments/7szb33/missing_deposit_post_your_enquiry_about_missing/
https://www.reddit.com/r/Bitstamp/comments/8gow7l/has_anyone_had_any_luck_with_their_new_phone/

https://ambcrypto.com/bitstamp-rolls-kyc-forms-users-frustrated/
https://news.bitcoin.com/bitstamp-is-asking-users-who-want-to-withdraw-a-lot-of-questions/

I would be very careful with depositing anyting on Bitstamp. It's like losing a good old friend.

Bye Bitstamp.

[Slow death]

 

What the hell is this?

Your current occupation:
Your annual income:
Your net worth:
Your source of funds:
Your annual deposit estimation:
Your annual transaction number estimation:

It seems that people are in the concentration camp so they should answer those questions, is this even KYC? How can they get to that? It's best to leave this exchange

[gentlemand]

They scared me away many years ago. There's absolutely no way I'd put 1 satoshi into them in case they imprison it.

I can open an account with one passport scan and one proof of address and trade billions on stock markets. The site would never question me again. All the details they need are there in case the tax man wants to chase me around.

Yet a bunch of Slovenian tossers believe they have the right to my most intimate financial details? They do not. They can fucking fuck off.

[1Referee]

It's ridiculous and somewhat retarded, but not surprising at all. It may very well be related to the EU regulations concerning crypto exchanges that have been updated recently.

I opened a bank account last year and was subject to the exact same questions, so the this is basically the next step for authorities to bind you even further in their system. It's just another power play demonstration. It's almost like we are kids that need to be taken care of, where in order to get something done, we have to ask permission for everything.

The most funny question I had to anwer was whether or not I would ever plan to deposit money from illegitimate acitivities on my bank account. Seriously, what's that for a question?

I want to open a bank account, not apply for a $500,000 mortgage you fools!

Bitcoin doesn't ask me for anything when I open a bank account (ie, generate an address/private key).

[timerland]

Bitstamp is having a new KYC that goes far beyond anything reasonable. Here is what they are asking:

Your current occupation:
Your annual income:
Your net worth:
Your source of funds:
Your annual deposit estimation:
Your annual transaction number estimation:

If you question there KYC your account will be terminated. It's sad since it's one of the most trustworthy exchanges, but even a master can lose it and Bitstamp has lost their mind completely. No government is ever requesting the above information from Bitstamp.

There are many threads about Bitstamp:

https://www.reddit.com/r/Bitstamp/comments/8g72sb/is_bitstamp_planning_to_run_away_with_the_money/
https://www.reddit.com/r/Bitstamp/comments/8fys1a/bitstamp_kyc_process_is_never_ending_bitstamp/
https://www.reddit.com/r/Bitstamp/comments/7szb33/missing_deposit_post_your_enquiry_about_missing/
https://www.reddit.com/r/Bitstamp/comments/8gow7l/has_anyone_had_any_luck_with_their_new_phone/

https://ambcrypto.com/bitstamp-rolls-kyc-forms-users-frustrated/
https://news.bitcoin.com/bitstamp-is-asking-users-who-want-to-withdraw-a-lot-of-questions/

I would be very careful with depositing anyting on Bitstamp. It's like losing a good old friend.

Bye Bitstamp.

Okay, what the actual hell?

Source of funds is alright, and seems to be common practice now that regulation has tightened up in the EU, but how does my occupation, my net worth, my income have to do with anything that I have to do on your site? Bitstamp is an exchange, not a damn interrogation service.

If this is what they are asking you to fill out, I'd rather not have to go through that and give them all my personal information. This is absolutely crazy, and to a certain degree, a violation of one's privacy.

[milewilda]

Bitstamp is having a new KYC that goes far beyond anything reasonable. Here is what they are asking:

Your current occupation:
Your annual income:
Your net worth:
Your source of funds:
Your annual deposit estimation:
Your annual transaction number estimation:

If you question there KYC your account will be terminated. It's sad since it's one of the most trustworthy exchanges, but even a master can lose it and Bitstamp has lost their mind completely. No government is ever requesting the above information from Bitstamp.

There are many threads about Bitstamp:

https://www.reddit.com/r/Bitstamp/comments/8g72sb/is_bitstamp_planning_to_run_away_with_the_money/
https://www.reddit.com/r/Bitstamp/comments/8fys1a/bitstamp_kyc_process_is_never_ending_bitstamp/
https://www.reddit.com/r/Bitstamp/comments/7szb33/missing_deposit_post_your_enquiry_about_missing/
https://www.reddit.com/r/Bitstamp/comments/8gow7l/has_anyone_had_any_luck_with_their_new_phone/

https://ambcrypto.com/bitstamp-rolls-kyc-forms-users-frustrated/
https://news.bitcoin.com/bitstamp-is-asking-users-who-want-to-withdraw-a-lot-of-questions/

I would be very careful with depositing anyting on Bitstamp. It's like losing a good old friend.

Bye Bitstamp.

Okay, what the actual hell?

Source of funds is alright, and seems to be common practice now that regulation has tightened up in the EU, but how does my occupation, my net worth, my income have to do with anything that I have to do on your site? Bitstamp is an exchange, not a damn interrogation service.

If this is what they are asking you to fill out, I'd rather not have to go through that and give them all my personal information. This is absolutely crazy, and to a certain degree, a violation of one's privacy.

This is definitely a Hell No thing!

Even just tossing up documentation (like passport or any international id) would already be a big deal, how much more if you have been asked with these kind of questions? Seems like they are just asking simple questions which i dont see its a relevant thing to be answered yet we are just using their service for that sole purpose.It doesnt really need for you to comply or answer questions.They do gradually mess up and i wont tend to put any money on this site anymore.

[buwaytress]

That looks exactly like the EU requirements for payment processors and money senders, from the looks of it, so looks like they're all getting into gear for full compliance. If I'd have to wager a guess, this is all the preparations they should have done earlier on. You can't run a registered and licensed entity and avoid full compliance. Exchanges will soon have to move to more friendly regulatory environments or just work quicker on atomic swap functionality - coupled with anonymous servers, after this.

And with GDPR upcoming, will be really interesting to see how they handle all this data (and how they purge it).

[gentlemand]

That looks exactly like the EU requirements for payment processors and money senders, from the looks of it, so looks like they're all getting into gear for full compliance.

I've verified myself with loads of places recently and none were beyond proof of address, ID and the occasional bank statement.

At the very worst from hearing from other users other exchanges have asked for source of funds for a big transaction. No one else has asked anything like these other questions. Bitstamp have been doing this for a long time.

[Lucius]

That looks exactly like the EU requirements for payment processors and money senders, from the looks of it, so looks like they're all getting into gear for full compliance.

I've verified myself with loads of places recently and none were beyond proof of address, ID and the occasional bank statement.

At the very worst from hearing from other users other exchanges have asked for source of funds for a big transaction. No one else has asked anything like these other questions. Bitstamp have been doing this for a long time.

They are just doing what Bruxelles ask from them and even more, and since Slovenia is very small country they have to do what the big boss ask. It is likely to require even more information in the future, not only crypto exchanges but banks also. I remember few years ago when I open regular account in one bank, it takes just ID and 5 minutes of time, now I need come to bank at least 3 times and they ask unbelievable data. For example I have to prove I'm never punished, means that I need to give them document which prove that. I do not know what to expect next, maybe blood sample?

[buwaytress]

That looks exactly like the EU requirements for payment processors and money senders, from the looks of it, so looks like they're all getting into gear for full compliance.

I've verified myself with loads of places recently and none were beyond proof of address, ID and the occasional bank statement.

At the very worst from hearing from other users other exchanges have asked for source of funds for a big transaction. No one else has asked anything like these other questions. Bitstamp have been doing this for a long time.

They are just doing what Bruxelles ask from them and even more, and since Slovenia is very small country they have to do what the big boss ask. It is likely to require even more information in the future, not only crypto exchanges but banks also. I remember few years ago when I open regular account in one bank, it takes just ID and 5 minutes of time, now I need come to bank at least 3 times and they ask unbelievable data. For example I have to prove I'm never punished, means that I need to give them document which prove that. I do not know what to expect next, maybe blood sample?

Yeah, gone were the days I could walk into a bank and get an account done in minutes without even a deposit. Now even going to Western Union or a money changer here in EU and I get the worst kinds of stares, a lengthy passport check, all sorts of questions, and then not even a thank you for my business. These days I rather walk into a old looking office on a corner shop that doesn't ask me for much and thanks me for my business.

Funny thing is how you could easily just provide nonsense documents and they wouldn't be any the wiser. As you said, though, big brother Brussels doing the push. Wait till they clarify their stance on Bitcoin. It'll get much tougher.

[gentlemand]

Wait till they clarify their stance on Bitcoin. It'll get much tougher.

How much tougher can it already get? It can already be a huge pain up the arse littered with risk going through an exchange. There's no way I'd ever put large amounts through one. I'd only go OTC if a large sale was necessary and even then you never know where something will be sprung on you somewhere along the line.

It's dead simple - verified should mean verified, no ifs, buts or surprises. To retrospectively hit people with new demands is unacceptable in the extreme.

[npredtorch]

Looking on the other side, it seems they don't have a choice but to follow and apply these new additional kyc questions.
I'd think it is crazy and odd if their only reason was just to impress people that they care for optimum verification. Who would wish to have more additional work? (verifying the answers submitted)

[audaciousbeing]

Bitstamp is having a new KYC that goes far beyond anything reasonable. Here is what they are asking:

Your current occupation:
Your annual income:
Your net worth:
Your source of funds:
Your annual deposit estimation:
Your annual transaction number estimation:

If you question there KYC your account will be terminated. It's sad since it's one of the most trustworthy exchanges, but even a master can lose it and Bitstamp has lost their mind completely. No government is ever requesting the above information from Bitstamp.

There are many threads about Bitstamp:

https://www.reddit.com/r/Bitstamp/comments/8g72sb/is_bitstamp_planning_to_run_away_with_the_money/
https://www.reddit.com/r/Bitstamp/comments/8fys1a/bitstamp_kyc_process_is_never_ending_bitstamp/
https://www.reddit.com/r/Bitstamp/comments/7szb33/missing_deposit_post_your_enquiry_about_missing/
https://www.reddit.com/r/Bitstamp/comments/8gow7l/has_anyone_had_any_luck_with_their_new_phone/

https://ambcrypto.com/bitstamp-rolls-kyc-forms-users-frustrated/
https://news.bitcoin.com/bitstamp-is-asking-users-who-want-to-withdraw-a-lot-of-questions/

I would be very careful with depositing anyting on Bitstamp. It's like losing a good old friend.

Bye Bitstamp.

This way beyond the normal coming from BitStamp while I don't have anything against KYC but this is to the extreme that should not be condone in the community. I don't understand what they would start asking the moment government start getting serious with the regulations we should start getting ready for blood group questions, HIV test questions, police reports, health history, next of kin and other ridiculous questions.

Its really not their fault because they know that no matter how, the interest of people to make money would supersede any other reservations they might have concerning the information they are being asked to provide for that process. Unfortunately, there is no where to turn to as peer to peer sites are equally implementing this too.

[Samarkand]

That looks exactly like the EU requirements for payment processors and money senders, from the looks of it, so looks like they're all getting into gear for full compliance. If I'd have to wager a guess, this is all the preparations they should have done earlier on. You can't run a registered and licensed entity and avoid full compliance. Exchanges will soon have to move to more friendly regulatory environments or just work quicker on atomic swap functionality - coupled with anonymous servers, after this.

And with GDPR upcoming, will be really interesting to see how they handle all this data (and how they purge it).

The European Union has to make sure that the member states of the Union don´t run out
of money to pay increasingly large amounts of money to the EU.

This picture should illustrate why the EU is desperate to make sure that they are in control
of all payment processors and Bitcoin exchanges:

https://imgur.com/a/D3NXtoy

(the development of the EU budget in millions of € over the years)

The trend is the same as with every other form of national or supranational government.
It only grows in size and the costs for the common citizen always increases.

[magneto]

Bitstamp is having a new KYC that goes far beyond anything reasonable. Here is what they are asking:

Your current occupation:
Your annual income:
Your net worth:
Your source of funds:
Your annual deposit estimation:
Your annual transaction number estimation:

If you question there KYC your account will be terminated. It's sad since it's one of the most trustworthy exchanges, but even a master can lose it and Bitstamp has lost their mind completely. No government is ever requesting the above information from Bitstamp.

There are many threads about Bitstamp:

https://www.reddit.com/r/Bitstamp/comments/8g72sb/is_bitstamp_planning_to_run_away_with_the_money/
https://www.reddit.com/r/Bitstamp/comments/8fys1a/bitstamp_kyc_process_is_never_ending_bitstamp/
https://www.reddit.com/r/Bitstamp/comments/7szb33/missing_deposit_post_your_enquiry_about_missing/
https://www.reddit.com/r/Bitstamp/comments/8gow7l/has_anyone_had_any_luck_with_their_new_phone/

https://ambcrypto.com/bitstamp-rolls-kyc-forms-users-frustrated/
https://news.bitcoin.com/bitstamp-is-asking-users-who-want-to-withdraw-a-lot-of-questions/

I would be very careful with depositing anyting on Bitstamp. It's like losing a good old friend.

Bye Bitstamp.

Is this really what the EU is requiring crypto exchanges to do by law including the collection of a lot of these completely irrelevant questions, or is Bitstamp just collecting this info for their own benefit? Can someone clarify? Because pretty sure that anywhere in the world you won't even be asked these series of questions when opening a bank account.

It's definitely ridiculous that so much info is required of you for a KYC procedure. I wouldn't risk a single cent with them, to be honest.

The worse part is that if they collect this much information from the beginning, they could probably suspend your account balance at any given time and ask for even more personal questions like where your last deposit came from. That's the biggest problem, them freezing your balance and holding your coins hostage while collecting more information from you, which is a real possibility.

[gentlemand]

Is this really what the EU is requiring crypto exchanges to do by law including the collection of a lot of these completely irrelevant questions, or is Bitstamp just collecting this info for their own benefit? Can someone clarify? Because pretty sure that anywhere in the world you won't even be asked these series of questions when opening a bank account.

Outrage would be across the media if you had to do this to open some savings account for your dog. It's pure Bitstamp.

I opened Revolut and Coinbase accounts a short while back. Revolut didn't want anything other than a deposit from my debit card, though limits are low. Coinbase gave me a £100,000 annual limit with no more than a passport scan and summat else with my address on it.

That's all anyone needs if they're asked to hand you over.

[magneto]

Is this really what the EU is requiring crypto exchanges to do by law including the collection of a lot of these completely irrelevant questions, or is Bitstamp just collecting this info for their own benefit? Can someone clarify? Because pretty sure that anywhere in the world you won't even be asked these series of questions when opening a bank account.

Outrage would be across the media if you had to do this to open some savings account for your dog. It's pure Bitstamp.

I opened Revolut and Coinbase accounts a short while back. Revolut didn't want anything other than a deposit from my debit card, though limits are low. Coinbase gave me a £100,000 annual limit with no more than a passport scan and summat else with my address on it.

That's all anyone needs if they're asked to hand you over.

Exactly, that was why I was so confused. I don't think that the EU even demands crypto exchangers to go through such stringent verification standards right now, and Bitstamp is just in a world of its own entirely when it comes to verifying people's identities.

It makes absolutely no sense for them to ask sensitive and private topics such as income, occupation, and even future deposit patterns without any regulations forcing them to (or at least, other exchanges serving EU customers clearly don't need info to this degree, CMIIW).

I don't know why, but it actually makes them less trustworthy as an exchange to me.

[gentlemand]

It makes absolutely no sense for them to ask sensitive and private topics such as income, occupation, and even future deposit patterns without any regulations forcing them to (or at least, other exchanges serving EU customers clearly don't need info to this degree, CMIIW).

I don't know why, but it actually makes them less trustworthy as an exchange to me.

What I hope happens is that they're abandoned en masse by users who go to exchanges with standard KYC policies. We all know they're a necessity to stay in business but everywhere else is doing business just fine without sticking their fingers up one's urethra.

Bitstamp takes it from necessity to flat out insult.

[magneto]

It makes absolutely no sense for them to ask sensitive and private topics such as income, occupation, and even future deposit patterns without any regulations forcing them to (or at least, other exchanges serving EU customers clearly don't need info to this degree, CMIIW).

I don't know why, but it actually makes them less trustworthy as an exchange to me.

What I hope happens is that they're abandoned en masse by users who go to exchanges with standard KYC policies. We all know they're a necessity to stay in business but everywhere else is doing business just fine without sticking their fingers up one's urethra.

Bitstamp takes it from necessity to flat out insult.

Absolutely.

Of course, it would take a co-ordinated effort by many people and won't be done just by one person. Hopefully, enough people realise that Bitstamp is collecting over the top amounts of info that isn't required by law.

I'm absolutely fine with KYC being done according to the regulations (like LBC's new terms, etc.), but Bitstamp is requiring excessive amounts of private and completely personal info. That's not acceptable, imo.