Bitstamp

[bayo]

Few day ago made a withdraw from btc to wire from mining for my mother rig & look what they do :

We received your withdrawal request. As your withdrawal request met some of our volume and frequency thresholds, we will have to kindly ask you to help us better understand the nature of your relationship with Bitstamp. In order to do so, we require that an additional KYC (know your customer) procedure is completed before we can proceed with the processing of your transfer.
We kindly ask you to send us a high resolution image double page of your international passport and answer the following KYC questionnaire:

1. How did you learn about Bitcoin?
2. The purpose of trading on Bitstamp?
3. What is the origin of the deposited Bitcoins? If mining, please specify your hardware specifications and submit a receipt or an invoice for your mining equipment.
4. What are your future plans and activities planned on our exchange?
5. Do you plan more withdrawals in the future?
6. Which bank are you using? Please provide the complete address and SWIFT code.
7. What is the source of the funds which you are depositing to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.

We kindly ask you to submit your answers and documents in a reply to this ticket.


You think this is normal ?

[Varicon]

Unfortunately they have to do this to comply with regulations and what not.

[MrPiggles]

Unfortunately they have to do this to comply with regulations and what not.

no they choose to do it

[gentlemand]

I assume it's their bank who are pushing them to do it. They ain't getting any more of my business.

[titulng]

I assume it's their bank who are pushing them to do it. They ain't getting any more of my business.

No,
I think there may be a big change on Bitstamp as soon. The KYC questionnair laid bare it's ambition

[T.Stuart]

I don't understand what people are complaining about.

They are simply being cautious so that if the spotlight is suddenly put on them, they can show any investigator what they have been doing to verify their customers.

Its a pain in the ass for them as well.

[Slingshot]

None of the questions that are listed above are about USA's KYC (know your customer).

 And as for # 6. 'Which bank are you using? Please provide the complete address and SWIFT code.'
They obviously already know that answer since where ever the outgoing or incoming wire is from/to
is going to solve that redundant and silly question.

 As for the rest of these questions, it's pure hogwash.

 So what's up exactly? I don't know. But it sure isn't about "money laundering either". Not a chance.

 It's not the exchanges business to ask such questions, nor any banks either, unless it's very large
sums of cash of questionable origins being deposited. And we already know that Bitcoin isn't cash
and that every transaction is public information on the blockchain. Not to mention any transfers to
and from any Exchange such as Bitstamp has a digital "paper" trail a million bytes long or longer,
right back to the owner of said accounts.

 Obviously with bitcoin either a person purchased the bitcoins, or mined them, or stole them. Please
don't try and cop out that Bitstamp is now acting as the Bitcoin Police. Not a chance.

 I stayed mum on this for a while. But those questions above are so far over the top it's frightening.
In fact it's enough for myself to never, ever, not EVER do any business with Bitstamp.

 Stick a fork in Bitstamp, their burnt toast and soon history.

Not a chance they survive this long term.


 I was pro Bitstamp until this bs.

 Now I am adamantly anti Bitstamp.

 They ask for KYC documents, fine. No problem. They care to verify them, fine, no problem.

 Anything else is a huge mistake that will witness the demise of Bitstamp.

 
 Bitstamp must do a complete reversal and sincerely apologize, or their burnt toast.

 Very few with any alternatives (and we all have many alternatives) would bother putting up with
such insane policies. Obviously this has lead to a sudden and swift drop in volume at Bitstamp.



 One shit stain after another is the merchant and exchange side of Bitcoin.

From scammers and thieves to now this Bitstamp fiasco. Sure some are behaving, but far too many
act like their the next Apple or Amazon, ready to turn us all into their obedient worker/customer
slaves.

 May the Shitstamp be flushed and none too soon, that shitstamp stinks.

 I recall Shitstamp was trying to convince many they were based in the U.K. last year. Another
bs lie. Merely a shell corporation as I recall is based there, but not the business of Bitstamp.



 Fool me once shame on you, but you wont get a chance to fool me twice.

 People, get your bitcoin's out of the hand's of Bitstamp before they decide they only owe you an
IOU instead of physical Bitcoins. If they wont let your Bitcoin's or funds out then by all means
scream about it everywhere.


Caveat emptor - let the buyer beware!

[TinyBBC]

Oh! God! Bitstamp also began to review? MT.GOX had also experienced such a thing, then it ran away!

[alani123]

I don't think that this could help prevent laundering in any way. Fraudsters coould just give a fake answer to the questions and have an easy pass.

Maybe this is just going to bring btc-e even more volume.