BITSTAMP insane KYC questions

[zantafio]

To conclude our due-diligence procedure, we would however kindly ask you to also provide the following:

1. What is your current occupation?
2. What is the purpose of your Bitstamp account? Describe in as much detail as possible how you use your trading account.
3. Are you using your Bitstamp account in connection with any business/commercial related activity? If so, how?
4. Do you have an established relationship with any other bitcoin exchange?
5. What is the source of the funds deposited to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.
6. Which banks do you intend to use with your Bitstamp account for fiat deposits/withdrawals? Provide complete addresses, account number and SWIFT/BIC codes.
7. What is the estimated amount you intend to deposit/withdraw to/from your Bitstamp account per month (in USD/BTC)?
8. Any relevant financial document which can confirm how funds deposited to your Bitstamp account were/are being acquired. For example, bank statement showing income source, personal tax return, documents/screenshots that can confirm you are receiving family gifts, etc.
9. What is the purpose and destination of your bitcoins withdrawals made from your Bitstamp account?
10. Are you using your Bitstamp account in connection with any gambling related activities?



So I have been waiting a full week for my SEPA deposit to be processed and now I'm getting the above questionnaire. I'm done with them! I hope they will reverse my deposit diligently.

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[1715030659]

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[swogerino]

To conclude our due-diligence procedure, we would however kindly ask you to also provide the following:

1. What is your current occupation?
2. What is the purpose of your Bitstamp account? Describe in as much detail as possible how you use your trading account.
3. Are you using your Bitstamp account in connection with any business/commercial related activity? If so, how?
4. Do you have an established relationship with any other bitcoin exchange?
5. What is the source of the funds deposited to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.
6. Which banks do you intend to use with your Bitstamp account for fiat deposits/withdrawals? Provide complete addresses, account number and SWIFT/BIC codes.
7. What is the estimated amount you intend to deposit/withdraw to/from your Bitstamp account per month (in USD/BTC)?
8. Any relevant financial document which can confirm how funds deposited to your Bitstamp account were/are being acquired. For example, bank statement showing income source, personal tax return, documents/screenshots that can confirm you are receiving family gifts, etc.
9. What is the purpose and destination of your bitcoins withdrawals made from your Bitstamp account?
10. Are you using your Bitstamp account in connection with any gambling related activities?



So I have been waiting a full week for my SEPA deposit to be processed and now I'm getting the above questionnaire. I'm done with them! I hope they will reverse my deposit diligently.

Lol. They are destroying the concept of bitcoin. Mainly people use bitcoin to be anonymous and I think is enough for them that the user hands them the selfie and address of their home just to get verified. Now this , that is crazy. I would have done the same and be done with them.

[crazyivan]

Without these kind of questions we have a situation where top ranked countries for Googling the term "Bitcoin" re Nigeria and Columbia. So, scams and drugs.

Now, you tell me, why it would be in my interest to be part of an economy which might be primary used for scams, money laundering and drug trafficing.

If you have nothing to hide, do that KYC and welcome to crypto. If you do have something to hide, what do you expect me to do?

[BitHodler]

Lol. They are destroying the concept of bitcoin.

Stop spreading nonsense.

No one forces people to make use of centralized exchanges to start trading, or just to buy Bitcoin. It's an optional service for people to make use of. Not hard to understand, right?

OP ~ KYC is ultra annoying, but it's part of their verification process. Basically every major exchange nowadays is asking for the same details from their customers ~ there is no way to avoid it if you want to proceed with them.

[HI-TEC99]

To conclude our due-diligence procedure, we would however kindly ask you to also provide the following:

1. What is your current occupation?
2. What is the purpose of your Bitstamp account? Describe in as much detail as possible how you use your trading account.
3. Are you using your Bitstamp account in connection with any business/commercial related activity? If so, how?
4. Do you have an established relationship with any other bitcoin exchange?
5. What is the source of the funds deposited to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.
6. Which banks do you intend to use with your Bitstamp account for fiat deposits/withdrawals? Provide complete addresses, account number and SWIFT/BIC codes.
7. What is the estimated amount you intend to deposit/withdraw to/from your Bitstamp account per month (in USD/BTC)?
8. Any relevant financial document which can confirm how funds deposited to your Bitstamp account were/are being acquired. For example, bank statement showing income source, personal tax return, documents/screenshots that can confirm you are receiving family gifts, etc.
9. What is the purpose and destination of your bitcoins withdrawals made from your Bitstamp account?
10. Are you using your Bitstamp account in connection with any gambling related activities?



So I have been waiting a full week for my SEPA deposit to be processed and now I'm getting the above questionnaire. I'm done with them! I hope they will reverse my deposit diligently.

If your SEPA deposit was over a certain amount then they are obliged by law not only to ask those questions, but also to send details of your transaction to a government database. They have to file a suspicious activity report for any transaction over a certain amount. A suspicious activity report is basically sending the details of your transaction to the government so it can put them in a database.

I can't remember what figure triggers a suspicious activity report, it might be around 10 thousand euros, but that's only a guess.

[Iranus]

Without these kind of questions we have a situation where top ranked countries for Googling the term "Bitcoin" re Nigeria and Columbia. So, scams and drugs.

Dumb statement.  Bitstamp asking for documents (which would show they're not part of a country Bitstamp doesn't support), is nothing to do with this crazy questionnaire of KYC regulations.

Now, you tell me, why it would be in my interest to be part of an economy which might be primary used for scams, money laundering and drug trafficing.

It's only like that because it hasn't been adopted on the clearnet so much yet - this is blindingly obvious.  As a real transfer system used for payments it would not be the same at all.

No one forces people to make use of centralized exchanges to start trading, or just to buy Bitcoin. It's an optional service for people to make use of. Not hard to understand, right?

Bitcoin's purpose is not anonymity, it's decentralisation.  The two are unrelated, and decentralisation =! anonymity.  Anyone who buys from Bitstamp can just move it back to their personal wallet, so I somewhat agree.

OP ~ KYC is ultra annoying, but it's part of their verification process. Basically every major exchange nowadays is asking for the same details from their customers ~ there is no way to avoid it if you want to proceed with them.

Correction:  every trustworthy exchange does this.  BTC-E doesn't, but I wouldn't trust them with 1 satoshi.

[European Central Bank]

Without these kind of questions we have a situation where top ranked countries for Googling the term "Bitcoin" re Nigeria and Columbia. So, scams and drugs.

Now, you tell me, why it would be in my interest to be part of an economy which might be primary used for scams, money laundering and drug trafficing.

If you have nothing to hide, do that KYC and welcome to crypto. If you do have something to hide, what do you expect me to do?

weird.

i've put far more money into stocks via websites that have been established for years and years and at no point did i have to answer any single one of those questions that they're asking. i provided id, address and not a single other thing.

this level of intrusiveness isn't acceptable. i've heard of them asking for tax documents. why the hell would i give that information to a company that operates out of a rented post box?

[zantafio]

I forgot to mention that my deposit was only 1000 euros! So yeah I feel this is wayyyy to intrusive for such a small amount of money, while my bank,  Chase,  does not ask that much question when I transfer far larger amounts.

[HI-TEC99]

I forgot to mention that my deposit was only 1000 euros! So yeah I feel this is wayyyy to intrusive for such a small amount of money, while my bank,  Chase,  does not ask that much question when I transfer far larger amounts.

I checked what the threshold figure is for triggering a suspicious activity report, and it's €1000 according to this website. I think the questions you were asked would technically be called Customer Due Diligence data gathering. However, they do seem intrusive.

http://eulawanalysis.blogspot.co.uk/2015/09/the-new-eu-anti-money-laundering-legal.html

[BitHodler]

No one forces people to make use of centralized exchanges to start trading, or just to buy Bitcoin. It's an optional service for people to make use of. Not hard to understand, right?

Bitcoin's purpose is not anonymity, it's decentralisation.  The two are unrelated, and decentralisation =! anonymity.  Anyone who buys from Bitstamp can just move it back to their personal wallet, so I somewhat agree.

OP ~ KYC is ultra annoying, but it's part of their verification process. Basically every major exchange nowadays is asking for the same details from their customers ~ there is no way to avoid it if you want to proceed with them.

Correction:  every trustworthy exchange does this.  BTC-E doesn't, but I wouldn't trust them with 1 satoshi.

Point 1 ~ What you are saying has nothing to do with my post to the other user, from there I don't see the point of you quoting or replying to that statement. It just adds clutter, really.

Point 2 ~ I agree. I must however point out that I do occasionally use BTC-E in case there are decent arbitrage opportunities to exploit. I am well aware of the risk I take with that, but it's a risk I am willing to take.

[RoommateAgreement]

Lol. They are destroying the concept of bitcoin. Mainly people use bitcoin to be anonymous and I think is enough for them that the user hands them the selfie and address of their home just to get verified. Now this , that is crazy. I would have done the same and be done with them.

that is a strange thing to say, don't you think.
bitstamp or any services that are offering service for bitcoin are not representing bitcoin, they are what the name suggests: a third party service. and people who are using bitstamp are not ONLY using bitcoin, they are also using FIAT and when you use fiat you have to follow certain rules, which are called Anti Money Laundering and Know Your Customer.

[ChipMixer]

Without these kind of questions we have a situation where top ranked countries for Googling the term "Bitcoin" re Nigeria and Columbia. So, scams and drugs.

99% of violent muggings in US resulted in getting dollars. Can we support a currency that is used only by thiefs and murderers?!

[zantafio]

Wait this is getting even worst than I thought.

They asked:
" What is the purpose and destination of your bitcoins withdrawals made from your Bitstamp account?


I replied:
To my personal wallet for storage


Then they send this follow up question:

"Would it be possible to clarify which bitcoin address do you use for cold storage and possibly provide us with some screenshots of your wallet/address where most of your bitcoins are currently being stored?"

[ChipMixer]

"Would it be possible to clarify which bitcoin address do you use for cold storage and possibly provide us with some screenshots of your wallet/address where most of your bitcoins are currently being stored?"

Next question would be "Would you provide us private key to your cold storage?"

[spngebob]

Lol. They are destroying the concept of bitcoin.

No, they are not.
Bitstamp is regulated by Slovenian law, they probably have to show from where bitcoins came and to prove it is all legit.

Mainly people use bitcoin to be anonymous and I think is enough for them that the user hands them the selfie and address of their home just to get verified.

Bitcoin is anonymous?