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Author Topic: BITSTAMP - does anyone know the arrangement they have with banks?  (Read 3494 times)
michaelGedi
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April 18, 2013, 10:27:35 PM
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Basically I was part of the Bitcoin-24 problem... I lost a fair bit of money.


Threw the rest of my spare into Bitstmp and have withdrawn my coins...


THE LAST thing I, or anyone else for that matter, wants, is to turn around after a coin sale and find out Bitstamp didn't cover it's tracks legally for the huge amount of funds coming out of their banks.


Anyone with any information? I am searching now and will post if I find, I have also asked them to let me know via a support ticket.

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April 18, 2013, 11:23:28 PM
 #2

good question. counterparty risk is significant, given recent events.

Country:   United Kingdom
Bank name:   Unicredit banka Slovenija d.d.

Country:   Slovenia
IBAN:   SI56290000170073837
BIC (SWIFT):   BACXSI22
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April 19, 2013, 12:24:39 AM
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Do you trust Slovenian banks? I don't

Have you considered Bitcoin.de? I've had good experiences with them so far and they seem to have a decent setup and reputation
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April 19, 2013, 12:35:33 AM
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Do you trust Slovenian banks? I don't

Have you considered Bitcoin.de? I've had good experiences with them so far and they seem to have a decent setup and reputation


yeah good point, but Bitstamp's service is great... very professional.

They did recently change their bank account so I assume that's them keeping their eye on the ball - but I need to know before I keep trading there... all BTC are in wallet for now tucked away

Will look at Bitcoin.de thanks

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April 19, 2013, 12:55:04 AM
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They are very aware of the Unicredit risk. Are now in the process of changing banks, a well capitalized US bank is their most likely candidate. Announcement about this probably soon. Meanwhile: don't keep your euros/dollars in your Bitstamp account.
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April 19, 2013, 01:20:59 PM
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"We are deeply aware of all possible security issues when it comes to the concern of banking security. We have already implemented a process that prevents fraud and money laundering, the evidence of which you can see here: https://www.bitstamp.net/account/verify/

We have also appointed a MLRO staff member who oversees all daily operations and bank transaction in order to ensure that we are preemptively in complacence with any such laws and regulations and we are also in constant contact with out bank making sure we are compliant."

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April 19, 2013, 04:38:01 PM
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yeah good point, but Bitstamp's service is great... very professional.

They did recently change their bank account so I assume that's them keeping their eye on the ball - but I need to know before I keep trading there... all BTC are in wallet for now tucked away

Will look at Bitcoin.de thanks

TBH I think every exchange is a risk, I'm sure it's nice getting prompt replies compared to Mt Gox or BTC-e but

The reason why I didn't use Bitstamp is because I sent them an email asking about their bank agreements, I wanted more details and didn't get a reply. I could have been unlucky I guess but no reply = no business.

As I mentioned, I don't like the fact they bank in Slovenia.

BTW Bitcoin.de just announced they are in talks with their bank to see if customers can have bank accounts linked to their Bitcoins so that you have full control of your assets. THIS would be a major step forward! Announcement could be a couple of weeks away though, very professional setup over there! I've been very pleased so far.

http://www.reddit.com/r/Bitcoin/comments/1cldhc/

michaelGedi
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April 19, 2013, 06:40:43 PM
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yeah good point, but Bitstamp's service is great... very professional.

They did recently change their bank account so I assume that's them keeping their eye on the ball - but I need to know before I keep trading there... all BTC are in wallet for now tucked away

Will look at Bitcoin.de thanks

TBH I think every exchange is a risk, I'm sure it's nice getting prompt replies compared to Mt Gox or BTC-e but

The reason why I didn't use Bitstamp is because I sent them an email asking about their bank agreements, I wanted more details and didn't get a reply. I could have been unlucky I guess but no reply = no business.

As I mentioned, I don't like the fact they bank in Slovenia.

BTW Bitcoin.de just announced they are in talks with their bank to see if customers can have bank accounts linked to their Bitcoins so that you have full control of your assets. THIS would be a major step forward! Announcement could be a couple of weeks away though, very professional setup over there! I've been very pleased so far.

http://www.reddit.com/r/Bitcoin/comments/1cldhc/




not sure about their exchange engine though, I haven't used it but the site doesn't feel very "real time"

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April 19, 2013, 08:09:40 PM
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next day or same day withdrawal always, real good experience.

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April 21, 2013, 01:44:09 PM
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They are now changing, very likely towards a much more capitalized US bank.  Expect an announcement soon.
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April 21, 2013, 01:50:41 PM
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...

not sure about their exchange engine though, I haven't used it but the site doesn't feel very "real time"

Because it isn't a normal floating exchange like Mtgox or Bitstamp, it only provides a platform where people can place their offers and others can take them in full or not.

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michaelGedi
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April 21, 2013, 02:10:00 PM
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...

not sure about their exchange engine though, I haven't used it but the site doesn't feel very "real time"

Because it isn't a normal floating exchange like Mtgox or Bitstamp, it only provides a platform where people can place their offers and others can take them in full or not.


yep, at a glance that's what I saw, thanks for clarifying

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April 21, 2013, 04:07:58 PM
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So far I have used Bitstamp for at least 5 times. SEPA (EU bank transfer system) bank transfer with fairly large sums of money and absolutely no problem.  What reason do you not like Slovenian banks, some preconceived notion? Bah. All banks are satan I don't care where they are.  But that is really no matter now as they have changed banks.  As a matter of fact they changed banks right in the middle of my largest transaction to date and I still had no problem.

 

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April 21, 2013, 04:14:51 PM
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So far I have used Bitstamp for at least 5 times. SEPA (EU bank transfer system) bank transfer with fairly large sums of money and absolutely no problem. 

Me neither, I think it is a great service

What reason do you not like Slovenian banks, some preconceived notion?

Because - How eurozone backwater Slovenia became its latest liability - http://www.reuters.com/article/2013/04/21/us-slovenia-insight-idUSBRE93K06N20130421

But that is really no matter now as they have changed banks.

That's good news, do you happen to know where to?

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April 21, 2013, 04:41:32 PM
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I vouch for them, one of the swiftest exchanger out there with low fees and no limits once verified.

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April 21, 2013, 05:49:28 PM
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What reason do you not like Slovenian banks, some preconceived notion?

Because - How eurozone backwater Slovenia became its latest liability - http://www.reuters.com/article/2013/04/21/us-slovenia-insight-idUSBRE93K06N20130421

But that is really no matter now as they have changed banks.

That's good news, do you happen to know where to?

Interesting about the Slov banks.  I imagine this was partly their reason for the hasty retreat from the Slov banks.  I think they moved to a London bank but don't quote me.

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April 21, 2013, 11:36:20 PM
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Interesting about the Slov banks.  I imagine this was partly their reason for the hasty retreat from the Slov banks.  I think they moved to a London bank but don't quote me.

No they incorporated in London.
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April 22, 2013, 06:14:26 AM
 #18

do you have to get verified before you can receive a sepa transfer with bitstamp? mtgox requires this

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April 22, 2013, 07:19:49 AM
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do you have to get verified before you can receive a sepa transfer with bitstamp? mtgox requires this

ACCOUNT VERIFICATION

In the event that you would like to remove the €1000 first time deposit limit on your unverified account or the €10,000 deposit limit for any future deposits and/or withdrawals, verification is necessary.

There are no transfer limits or trade limits for "verified" Bitstamp users.

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October 20, 2013, 06:05:39 PM
 #20

I see Bitstamp still uses a slovenian bank!

Why have they still not changed to a more secure environment? Even Poland is better it seems.
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