Bitstamp terminated my account: 60.000EUR lost. SCAM?!

[fuorissimo]

Hi, I would like to tell my chilling experience with BITSTAMP. I had an account verified about 3 months ago. Deposit via wire transfer, $ 25,000, and I buy XRP. Since I want to keep them for a long time, I do nothing except to enter the account every so often. On November 9th, I deposit another $ 30,000 to buy ethereum, on November 13, customer service tells me that the money has come and is being processed. Since then the money on my account has never arrived, and yesterday Bitstamp sent me the attached mail telling me that the account is TERMINATED (I'll find out then on google that happened to a lot of people). Yesterday I was still in the account (it was just frozen) and they sold all my XRPs without my permission, so on the account there was the equivalent of about 29,000 euros (the $ 30,000 first never came). So I try at least to reclaim the money on the bill, but the transfer is refused. Today I have completely deleted the account. Conclusion: Almost 60,000 euros lost. I've written everywhere: on their facebook profile they have removed my posts, on twitter and by email they do not respond. I'm traumatized because I then searched on google and it happened to so many people. The only thing I can do right now is to post this message and hope it's shared. #bitstamp

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Update on 22 NOV 16:50
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Dear Gianluca,

Thank you for bringing this matter to our attention.

We received your complaint, and I will personally look into the issue and get back to you as soon as possible.

Should you have any other questions in the meantime, please feel free to ask.

Best regards,

Katja
Bitstamp Support

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UPDATED NOVEMBER 24
#############################

Dear Gianluca,

Unfortunately, we are unable to provide any further information on the reasons leading to the termination of your account due to our internal policies.

We have instructed our Payments Department to proceed accordingly. Once the transfer is finalized on our end, we will let you know by replying to this email.

If you need additional help, please feel free to reach out again.

Best regards,
Bitstamp Support

In other words, I do not tell you that you rule you have breached, I close the bill and sell you everything, because I decided it, and so many greetings.

THANK YOU #bitstamp

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FINAL CONSIDERATIONS
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Here is my personal and final opinion on the story. I noticed that the thing that unites all the "finished" is the inactivity of the account. I suppose whoever keeps money on their account, but does not trade and therefore does not make it, it "unnecessarily" consumes the assurances that BitStamp has to give on deposits, watchdog. Of course, it would be enough to write in the conditions that dormant accounts are terminated and send an automatic email message when that is to come. It would save figures like this, as well as doing something illegal. So since they do not explain in the conditions page and do not give explanations by email of the closures, my personal opinion, and I repeat, PERSONAL, and #bitstamp is going to fail. REPEAT, PERSONAL OPINION. If the money is back, be sure you know it after 1 minute. Someone has to intervene!

https://scontent-mxp1-1.xx.fbcdn.net/v/t31.0-8/23825980_1684500474934208_1240240874770470589_o.jpg?oh=8b312a2dcf2924ab46f8238f0b91f35e&oe=5A9EF9CA

https://scontent-mxp1-1.xx.fbcdn.net/v/t31.0-8/23736371_1684501101600812_2434404068556287521_o.jpg?oh=e881c734716dc37168fea87fa0a7d97c&oe=5A8AA8AA

https://scontent-mxp1-1.xx.fbcdn.net/v/t31.0-8/23825893_1684501258267463_6633748352962060556_o.jpg?oh=2b3cfea64f8d592ceda03e1b03f19b44&oe=5A9C18EF

https://scontent-mxp1-1.xx.fbcdn.net/v/t31.0-8/23845835_1684501501600772_5839687520521054466_o.jpg?oh=6734ddd753b02012dc385b9a2df3013b&oe=5AA0D36F

https://scontent-mxp1-1.xx.fbcdn.net/v/t31.0-8/23800150_1684502354934020_8855325188786044981_o.jpg?oh=7233708d8cadc74e83b5b9dcf92f4953&oe=5A9007C5

https://scontent-mxp1-1.xx.fbcdn.net/v/t31.0-8/23800088_1684502454934010_4616261435632125977_o.jpg?oh=40b43ececa6b2a4acaf5855e6acc4990&oe=5A9D4D64

https://scontent-mxp1-1.xx.fbcdn.net/v/t31.0-8/23674853_1684502574933998_5638279936577081929_o.jpg?oh=0620121c23068950a0ed20e67b0c37e5&oe=5A9000BA



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UPDATE AND SOLUTION OF THE SITUATION 6 DECEMBER
---------------------------------------------------------------------

After writing almost everywhere [on Facebook, Reddit, Bitcointalk, Coindesk, Cointelegraph, the support and the CEO of Bistamp and finally the Commission of the surveillance du secteur financier (which among other things replied to ask me details in order to open a possible dossier)], I finally got back all my money, deducted almost 75USD of commissions: after more than 1 month!

To date, the reason for such behavior by Bistamp is unknown to me and that is why the Supervisory Commission probably asked me for more information. It is unacceptable that a company without any kind of explanation, request or other, and in a totally unilateral way, enters the account, sells all my coins, blocks my account, prevents me from accessing my money for 1 month, and do not give me any kind of explanation for so long. This is unacceptable, illegal and violates every most basic principle of transparency and fairness. I hope you do not have to find yourself in the same situation but it really happened to many and ALWAYS without a communication of clarifications.

I want to thank the whole community because it certainly helped to close the affair positively. Bitstamp: goodbye!

[1714656723]

1714656723

[1714656723]

1714656723

[kueyen]

How is this legal? If they close your account you must have at least gone against the terms and conditions of the website or some other breach of contract should have happened, and I think they should be legally obliged to at least disclose the reason. Perhaps suing them would be possible, if they are not disclosing anything?

As an aside, this is another reason why you shouldn't keep your coins in exchange wallets. You don't own your coins unless they are in your own wallet.

[neurotypical]

How is this legal? If they close your account you must have at least gone against the terms and conditions of the website or some other breach of contract should have happened, and I think they should be legally obliged to at least disclose the reason. Perhaps suing them would be possible, if they are not disclosing anything?

As an aside, this is another reason why you shouldn't keep your coins in exchange wallets. You don't own your coins unless they are in your own wallet.

It is simply insane to lose your funds like that, even if you went against terms and services, which apparently he didn't. There should be a trial for these things, you can't lose all your money like this.

OP you should create a thread on www.reddit.com/r/bitcoin and expose them. Public shamming is the strongest force when it comes to big companies trying to scam the little guy. A guy with a big twitter following can do it himself, but we random small folk need the rest of the people to make our cases visible.

[fuckcrypto]

bitstamp just disabled me from withdrawing bitcoin

Im verified since 4 years with bitstamp, now they act like that

its a terrible site

if anyone has funds on there withdraw immedialty, bitstamp is a fucking scam

i lost 35.000€ on their site just now

[gentlemand]

We have instructed our Payments Department to proceed accordingly. Once the transfer is finalized on our end, we will let you know by replying to this email.

Which means they're likely to send you a final payment once everything's sorted out. I've never heard of any major exchange just keeping someone's money.

In the meantime Bitstamp are regulated by this lot so you could try contacting them - http://www.cssf.lu/en/contact/

I did use Bitstamp in the deep past but I don't trust them either. Not because of stealing, but they're so uptight about compliance that they could freeze you at any moment.

Once I'm verified then I expect to stay verified and no one gets any more than an address and ID. I think they even refuse people with criminal records and ask for tax records which is the only company on the planet with those policies.

Start a thread on r/bitcoin too.

[brontosaurus]

How is this legal? If they close your account you must have at least gone against the terms and conditions of the website or some other breach of contract should have happened, and I think they should be legally obliged to at least disclose the reason. Perhaps suing them would be possible, if they are not disclosing anything?

As an aside, this is another reason why you shouldn't keep your coins in exchange wallets. You don't own your coins unless they are in your own wallet.

Saying that is easy but the problem is whom are you going to report? I don't really know any such law which currently deals with cryptocurrency and its related litigations. Everybody in this crypto world knows this and that is the reasons people scam here. This isn't legal we know that you know that but as per Bitstamp as they hold your btc everything becomes legal for them. Until we get our country's support in regulation of these exchanges nothing's gonna change. I think China is taking a good step in this regard by shutting exchanges in hope of regulating them in future.

[Beatcoin.it]

Wow, amazing. Never expected from a site so important, one of the biggest exchanger in Europe. The poor legislation make those guys scam you easily with tricky law, bad luck.

[fuckcrypto]

lets put together a lawsuit against bitstamp

what country you from OP?

[fuorissimo]

i'm from Italy

[fuckcrypto]

lets get together and sue them, Im sure we will find more customers that have been scammed by bitstamp

[fuorissimo]

lets get together and sue them, Im sure we will find more customers that have been scammed by bitstamp

they have terminated your account, like me or other? do you have try to withdraw usd/eur?

my account has been deleted

[pixie85]

Wow, amazing. Never expected from a site so important, one of the biggest exchanger in Europe. The poor legislation make those guys scam you easily with tricky law, bad luck.

If they would have done it with accordance to the law what would be the point of withholding this information? He's the client and has the right to know the reason behind this ban. Damn, he has 60.000 reasons to know!
I think they are waiting for that second transfer to get sorted out and will send him back the money, although I have no idea why they'd sell his cryptocurrency instead of asking for an address to send it to.

[Slark]

It seems that Bitstamp "banned" your account I don't know exactly why but they have certain AML procedures and risk assessment going on in the background.
The pattern of behaviour on your account is most likely something suspicious and as a result, their automatic security system flagged your account.
Maybe - your account has been linked to some other account via IP or similar money flow has been detected? I have no idea - only Bitstamp knows that.

[fuckcrypto]

deleted? how can they just delete your account?

I can log in but thats it, i get no answers from support i cant withraw bitcoin and SEPA withdraw is pending since 1 week now

and I was just hacked for 16BTC from my electrum wallet

[fuorissimo]

deleted? how can they just delete your account?

I can log in but thats it, i get no answers from support i cant withraw bitcoin and SEPA withdraw is pending since 1 week now

and I was just hacked for 16BTC from my electrum wallet

my account is deleted. i can't login. and my money, i don't know where are

[StevenS]

I am worried about data breaches from Bitstamp, so I never gave them my identity (SSN). I got this message:

Dear Steven,

Upon the review of your Bitstamp account we have noticed that you have provided an invalid SSN (Social Security Number).

We kindly ask you to provide a high quality photo of your SSN card, where your valid SSN is clearly visible. You can attach the requested document in a reply to this ticket by using the "Attach a file" button below.

Thank you for your cooperation. Looking forward to your reply.

Disclaimer: The above mentioned Personal Information is requested in accordance with the Currency and Foreign Transactions Reporting Act commonly known as the Bank Secrecy Act (Public Law 91-508) and Foreign Account Tax Compliance Act ("FATCA"). Failure to comply may result in the termination of your Account in accordance with our Terms of Use.

Best regards,
Nejc Srečnik

However, I can still log into my account, and withdraw BTC (and BCH!), which I should probably do someday, even though I don't have very much there.

[btcwish1]

This is absolutely ridiculous. They are UK based company.  Uk based companies try to do shi** things in the name of compliance or bla bla...   But closing account and freezing money without notice is way too much.. 

  I have an account with them and recently got verified. But thanks God I never deposited any amount..

As some one suggested please create a thread in redidt and expose them. It will help others.

[gentlemand]

This is absolutely ridiculous. They are UK based company.  Uk based companies try to do shi** things in the name of compliance or bla bla...   But closing account and freezing money without notice is way too much.. 

  I have an account with them and recently got verified. But thanks God I never deposited any amount..

As some one suggested please create a thread in redidt and expose them. It will help others.

I'm not sure if they have anything to do with the UK any more, and when they were 'UK based' it was a post box among many thousands of others in one building. They've always been based in Slovenia.

As stated above, they're regulated through Luxembourg. If there really are serious problems then that's the place to start asking if avenues with Bitstamp themselves are exhausted.

[fuorissimo]

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UPDATE AND SOLUTION OF THE SITUATION 6 DECEMBER
---------------------------------------------------------------------

After writing almost everywhere [on Facebook, Reddit, Bitcointalk, Coindesk, Cointelegraph, the support and the CEO of Bistamp and finally the Commission of the surveillance du secteur financier (which among other things replied to ask me details in order to open a possible dossier)], I finally got back all my money, deducted almost 75USD of commissions: after more than 1 month!

To date, the reason for such behavior by Bistamp is unknown to me and that is why the Supervisory Commission probably asked me for more information. It is unacceptable that a company without any kind of explanation, request or other, and in a totally unilateral way, enters the account, sells all my coins, blocks my account, prevents me from accessing my money for 1 month, and do not give me any kind of explanation for so long. This is unacceptable, illegal and violates every most basic principle of transparency and fairness. I hope you do not have to find yourself in the same situation but it really happened to many and ALWAYS without a communication of clarifications.

I want to thank the whole community because it certainly helped to close the affair positively. Bitstamp: goodbye!

[fuckcrypto]

--------------------------------------------------------------------
UPDATE AND SOLUTION OF THE SITUATION 6 DECEMBER
---------------------------------------------------------------------

After writing almost everywhere [on Facebook, Reddit, Bitcointalk, Coindesk, Cointelegraph, the support and the CEO of Bistamp and finally the Commission of the surveillance du secteur financier (which among other things replied to ask me details in order to open a possible dossier)], I finally got back all my money, deducted almost 75USD of commissions: after more than 1 month!

To date, the reason for such behavior by Bistamp is unknown to me and that is why the Supervisory Commission probably asked me for more information. It is unacceptable that a company without any kind of explanation, request or other, and in a totally unilateral way, enters the account, sells all my coins, blocks my account, prevents me from accessing my money for 1 month, and do not give me any kind of explanation for so long. This is unacceptable, illegal and violates every most basic principle of transparency and fairness. I hope you do not have to find yourself in the same situation but it really happened to many and ALWAYS without a communication of clarifications.

I want to thank the whole community because it certainly helped to close the affair positively. Bitstamp: goodbye!

The same happened to me
first the say they dont want my business than they just block my account and sell my coins insteed of giving them back to me

im waiting now since 2 weeks for them to send me back my money

I will never use bitstamp ever again(not that I could) and i hope noone else uses this service, this is really bad for crypto to run an exchange like that