Bitstamp wants me to verify my identity just to get my BTC back??

[SpottedMarley]

Ok so I started trading at bitstamp not too long ago. I really like the exchange and I am the sort who never ever intends to withdraw USD ever again. Any money I put into Bitcoin, stays there. Period. For this reason I have never needed to complete KYC bullshit. Bitcoin doesn't require KYC. I never had a problem in the past, even at Bitstamp, send Bitcoin from my account wallet to anywhere I want. I stopped trading about a month ago or so and sent most of my Bitcoin to a savings address. All except for .3btc which I forgot all about until I logged into my Bitstamp account yesterday and saw my remaining balance. Sweet! Thats like finding $100 in your pocket you forgot you had! So I go to send it to my savings address and BOOM Bitstamp refuses to let me access my Bitcoin until I have completed their KYC bullshit.

WTF

I am the account holder and those are the Bitcoin I deposited into my account in good faith that Bitstamp would not block me from accessing my own funds.

I didn't need to do KYC to create or fund my account and trade, why in the hell should I verify my identity to you for any reason short of a USD withdrawal request??

Does anybody have any idea what the fuck they are thinking?

I regard this as theft, pure and simple. They are holding my Bitcoins for ransom. I can prove that I am the owner of the account. With Bitcion what else is there to know? Give me my fucking Bitcoin! I can even give them the secret API key, that only the holder of the account could possibly know, that I use to develop trading applications. Undeniable proof that those Bitcoins are MINE. An there is no law in the world that gives them the right to hold them from me for any reason.

Is this the normal thing now? WTF is going on with these whack ass exchanges?

First Bitfloor ... now Bitstamp

This is the first time with Bitcoin that a service I trusted is trying to keep my money and it's infuriating.

I will never store Bitcoin in a hosted wallet ever again. FUCKING BANKS their mentality is already starting to win over our new world of money. Figures

[HereToTrade]

If you think you can talk the out of KYC then I will have to disappoint you, you will have to send them your ID.

[malevolent]

So withdrawing through their API no longer works for people who want to avoid sending them their ID?
https://bitcointalk.org/index.php?topic=309270.0;all

[conspirosphere.tk]

it's still better than the f.ing Gigaming who took my btc no question asked and then asked for notarized docs and sh*t to pay back.
moral of the story: ask for a notarized contract before sending btc to anyone.

[SpottedMarley]

So withdrawing through their API no longer works for people who want to avoid sending them their ID?
https://bitcointalk.org/index.php?topic=309270.0;all

Thanks for this.. I hadnt seen it .. hadnt even thought of to try to be honest. .. im gonna go try right now!

[SpottedMarley]

ok, so it turned out to not be necessary.

in the response to my angry support ticket I received instructions on closing the account and getting my remaining BTC back without the need to verify my identity.

i now understand their policy is that all of their ACCOUNT HOLDERS will be AML/KYC verified.. in order to have an active account, which is fine. their policy is their business.

and if you dont want to verify your identity you must deactivate your account.. so holding the btc "ransom" is really just a way to force people like me, who do not want to share their identity, to close their accounts.. which i can see now is a pretty effective way to have account holders become motivated to sort themselves out

so i get my .3btc .. which I fully expect to be worth about $3000 some time next year.



Here is their last response:

Dear Spotted,

Thank you for sending us your email confirmation. We instructed our system administrator to close your account an repatriate your funds to the provided Bitcoin address.

If you should need any further assistance we remain available at support@bitstamp.net.

Best regards,
Marko Rogan

[cryptoanarchist]

ok, so it turned out to not be necessary.

in the response to my angry support ticket I received instructions on closing the account and getting my remaining BTC back without the need to verify my identity.

i now understand their policy is that all of their ACCOUNT HOLDERS will be AML/KYC verified.. in order to have an active account, which is fine. their policy is their business.

and if you dont want to verify your identity you must deactivate your account.. so holding the btc "ransom" is really just a way to force people like me, who do not want to share their identity, to close their accounts.. which i can see now is a pretty effective way to have account holders become motivated to sort themselves out

so i get my .3btc .. which I fully expect to be worth about $3000 some time next year.



Here is their last response:

Dear Spotted,

Thank you for sending us your email confirmation. We instructed our system administrator to close your account an repatriate your funds to the provided Bitcoin address.

If you should need any further assistance we remain available at support@bitstamp.net.

Best regards,
Marko Rogan

How long did it take for them to get back to you? My ticket hasn't been responded to for over a day.