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Author Topic: www.BITSTAMP.net Bitcoin exchange site for USD/BTC  (Read 205956 times)
dnaleor
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May 05, 2014, 12:31:22 PM
 #1421

I have used Bitstamp a lot and have always found them honest reliable and efficient.

But recently they have started an initiative called KYC that involves answering questions than no sensible person could answer truthfully - like "What is the source of the funds which you have so far deposited to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired." and also questions about the future and purpose which noone can answer any way.

I refused this, and had my deposits returned to me, but - not Bitstamps fault I'll admit - in the process I lost about £800 due to exchange rate moves and differential rates. Now I can make no fiat withdrawals or deposits until they change their minds.

I am a long term user of Bitsamp and fully verified, so this is a real loss to me, but until they change their minds I cannot see how I can use BS again. There are many others who have complained about this initiative as well, and presumably they have no choice about this, but I do feel strongly that the existing questions as asked are untenable and they need to concentrate harder on making something more palatable.

So very disappointed right now with Bitstamp, but if you are not subject to their KYC rules, then all is good.



I am in the same situation. I told them the truth. It is savings money my parents gave me...
How can I proove that? I hope they accept my explanation. I give as much details as possible. I registered an account in march 2013. I was really happy with their costumer service and good interface. So it would be sad to not be able to use it anymore...

And I don't get it... I have no more then 12k USD deposited. Is that considered as a "large amount"? strange...

edit: they said I needed to tell them those details because my deposit of 220 USD "meets some of our volume and frequency thresholds" ??
It was only 220 USD? I never did very large deposits? And my previous deposit dates back from march 20 (!) and was just 330 USD...

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oda.krell
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May 05, 2014, 01:11:55 PM
 #1422

I'd like to chime in on the KYC/AML questionnaire topic:

I haven't triggered this questionnaire yet, but almost certainly will once I withdraw (some of) my deposits on Bitstamp. So I already mentally prepared myself to be subject to this, admittedly a bit annoying, list of questions.

Here is my preliminary conclusion about this topic though:

The KYC questionnaire by Bitstamp is, most likely, just trying to play it safe.

They accept (to my knowledge) customers from all over the world. By asking relatively intrusive questions, they want to be in a position to have a reasonable answer to any requests from law enforcement agencies that might be directed at them in the future.

"That's not what Bitcoin is about!", you say? Maybe. But Bitstamp is a company, and they hold my money, so in that sense, keeping the company alive is more important than the more libertarian principles behind Bitcoin as a whole.

Now, here is my request to those who already filled in the questionnaire:

Can you let us know, in this thread, if your answers were rejected for some reason.

Because that's the only case in which I personally would start getting nervous. Bitstamp asking those questions I understand, but if, for example, they would reject an answer like that of dnaleor above ("money from my parents"), then I'd have to conclude we're in real trouble, and that Bitstamp is possibly trying to stall executing withdrawals, i.e. a situation similar to mtgox last year.

tl;dr Please let us know in here iff Bitstamp *rejected* the answers to your KYC questionnaire.

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May 05, 2014, 01:17:48 PM
 #1423

Because that's the only case in which I personally would start getting nervous. Bitstamp asking those questions I understand, but if, for example, they would reject an answer like that of dnaleor above ("money from my parents"), then I'd have to conclude we're in real trouble, and that Bitstamp is possibly trying to stall executing withdrawals, i.e. a situation similar to mtgox last year.

tl;dr Please let us know in here iff Bitstamp *rejected* the answers to your KYC questionnaire.

I will post the results of my answer here. I want to stress the fact that it IS money from my parents and not "money from my parents" if you know what I mean Smiley

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oda.krell
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May 05, 2014, 01:22:36 PM
 #1424

Because that's the only case in which I personally would start getting nervous. Bitstamp asking those questions I understand, but if, for example, they would reject an answer like that of dnaleor above ("money from my parents"), then I'd have to conclude we're in real trouble, and that Bitstamp is possibly trying to stall executing withdrawals, i.e. a situation similar to mtgox last year.

tl;dr Please let us know in here iff Bitstamp *rejected* the answers to your KYC questionnaire.

I will post the results of my answer here. I want to stress the fact that it IS money from my parents and not "money from my parents" if you know what I mean :)


Very cool. Thanks :)

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May 06, 2014, 12:16:27 PM
 #1425

they are asking for bank statements. I already asked them what sort of bank statements they want to see. I asked them how I can proove that it is savings money. I hope they will give me a detailled explanation. I am not willing to send all my bank statements since I became 18 years old...

And they are also asking for an international passport. I am in my student house at the momeng. I will search for it this weekend, but I fear that my international passport is not valid anymore. I never tarvelled internationally outside the european union in the last 5 years. In Belgium we only need to have an ID card, not an international passport. And a new one costs 80 EUR. That is half of the money I wanted to deposit on my bitstamp account...  Undecided Undecided Undecided

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May 06, 2014, 12:19:11 PM
 #1426

they are asking for bank statements. I already asked them what sort of bank statements they want to see. I asked them how I can proove that it is savings money. I hope they will give me a detailled explanation. I am not willing to send all my bank statements since I became 18 years old...

And they are also asking for an international passport. I am in my student house at the momeng. I will search for it this weekend, but I fear that my international passport is not valid anymore. I never tarvelled internationally outside the european union in the last 5 years. In Belgium we only need to have an ID card, not an international passport. And a new one costs 80 EUR. That is half of the money I wanted to deposit on my bitstamp account...  Undecided Undecided Undecided

Dude just use another exchange especially if its only 160 EUR.
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May 06, 2014, 12:39:22 PM
 #1427

They told me my drivers license is also OK. Will try to send them the documents tonight...


About using another exchange, tell, me, which one?

I don't trust BTC-e. And it is very expensive to get EUR in.
Localbitcoins? Not for me...

Kraken maybe? Never tried it...

I am used to Bitstamp. I would like to continue using that exchange, but if it is impossible, I will need to change...


I will let you guys know what they think of the bank statements I send them. I will NOT be sending my whole financial hostory.

Searching for a trusted escrow service? Check my trust. I use a Trezor device for my escrow services, so your coins are safe. Fee: 0.5% or 0.05 BTC, whichever is lower
I support the largest public transparent p2p ledger Bitcoin (16TwXyEmpz7xKHbyVufZECXGFmUH9wHUyW) and the best private fungible digital cash Monero (dnaleor.weuse.cash)
Cetere mi opinias ke Dasho estas detruenda.     |     1Credit - Fair emission, better than BTC > CLCqECaYpCahgKRsXJiVBzgsiz57ZHfr4u
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May 06, 2014, 12:56:23 PM
 #1428


Hi,
My local bank rejected the withdrawal payment from Bitstamp and the money has been returned to Bitstamp!!! I tried to contact bitstamp's support. See following

Dear xxx,

Please note that we are unfortunately unable to provide support service outside Bitstamp Limited framework.

We kindly suggest you to contact the forums for additional assistance.

Best regards,
Tomaž Rozman


Anyone has any idea what I should do to get my money back?  Obiviously they are holding my money now. But they did not either contact me or credit the money back to my Bitstamp account. Really worried now.
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May 06, 2014, 01:37:35 PM
 #1429

They told me my drivers license is also OK. Will try to send them the documents tonight...


About using another exchange, tell, me, which one?

I don't trust BTC-e. And it is very expensive to get EUR in.
Localbitcoins? Not for me...

Kraken maybe? Never tried it...

I am used to Bitstamp. I would like to continue using that exchange, but if it is impossible, I will need to change...


I will let you guys know what they think of the bank statements I send them. I will NOT be sending my whole financial hostory.

Hi mate.. I used localbitcoins to buy my first 6-7 coins in separate buys 1-2 coins each time and had zero problems.

Also, as i see you're in EU - bitcoin.de is ok. I haven't tried Kraken yet, but i believe it'S alright. I also used Stamp for 6 months. but don't really bother with it anymore.. i have as much coins as i need for now! If i need to buy more, my options are bitcoin.de, Stamp or lastly localbitcoins.
To sell, I'd only use Stamp.

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May 06, 2014, 04:02:10 PM
 #1430

They told me my drivers license is also OK. Will try to send them the documents tonight...


About using another exchange, tell, me, which one?

I don't trust BTC-e. And it is very expensive to get EUR in.
Localbitcoins? Not for me...

Kraken maybe? Never tried it...

I am used to Bitstamp. I would like to continue using that exchange, but if it is impossible, I will need to change...


I will let you guys know what they think of the bank statements I send them. I will NOT be sending my whole financial hostory.
I am using Kraken and it works just fine for me Grin

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May 06, 2014, 04:13:50 PM
 #1431


Hi,
My local bank rejected the withdrawal payment from Bitstamp and the money has been returned to Bitstamp!!! I tried to contact bitstamp's support. See following

Dear xxx,

Please note that we are unfortunately unable to provide support service outside Bitstamp Limited framework.

We kindly suggest you to contact the forums for additional assistance.

Best regards,
Tomaž Rozman


Anyone has any idea what I should do to get my money back?  Obiviously they are holding my money now. But they did not either contact me or credit the money back to my Bitstamp account. Really worried now.

Apologies for not better assisting you in your case. Typically when a withdrawal cannot be delivered to the intended recipient and the transfer returns back to our bank account we are notified about cases like this by our bank, which also helps us determine the original details of the transfer. Once we are notified we return the funds less banking costs back to your Bitstamp account as soon as possible.

Usually it can take up to as many additional days as it takes for the transfer to be deliver for the transfer to return to our bank account and sometimes a few additional business days before our bank notifies us so I kindly ask you to be patient. But definitely please message us if the transfer should not get returned to your Bitstamp account in 10 business days and we will investigate further.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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May 08, 2014, 01:02:03 PM
 #1432

Saw couple months ago the report identified that Bitstamp held 100% of validated BTC balance and USD funds.
http://www.coindesk.com/bitstamp-audit-proves-behind-147m-mystery-bitcoin-wallet/

Cool. I wish the auditor who actually did the report would put its name out.
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May 08, 2014, 01:14:02 PM
 #1433

From the wall observer thread:

Bitstamp have updated their minimum order amount to $5:

Quote
Dear Bitstamp clients,

On May 15th, 2014 the minimum trade amount will be changed to $5.00.

Bitstamp’s accounting system rounds trading fees to pennies. To greatly reduce the impact of this rounding for our clients the minimum trade amount is being raised to $5.00.

The $5.00 trade minimum will apply to both our web interface and our API.

Best regards,
Bitstamp team

https://www.bitstamp.net/article/bitstamp-minimum-trade-changing-to-5/

Good decision, in my opinion.

Bot traders will complain perhaps, but for the majority it's an improvement, and shows that Bitstamp listens to customer complaints (about unfair fees, in this instance).

Not sure which Bitcoin wallet to use? I can highly recommend Electrum.
Electrum is an open-source lightweight client: user friendly, extremely fast, and one of the safest ways to store and use your bitcoins.
Executables are available on the Electrum homepage, so you can get a Bitcoin wallet up and running on your own computer in a few minutes.
Serpens66
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May 09, 2014, 12:48:21 AM
 #1434



Good decision, in my opinion.

Bot traders will complain perhaps, but for the majority it's an improvement, and shows that Bitstamp listens to customer complaints (about unfair fees, in this instance).

or just calculate with 0,00x€ fees and so on. I think Kraken does this. In the history a trade of e.g. 7€ with 0,1%fee has 0,00€ fee, but when you do one more trade 0,01€ is deducted.

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May 12, 2014, 09:10:15 AM
 #1435

I promised to let you know the outcome of my KYC procedure.

They accepted it after I provided them with bank statements.
I censored my balance and all deposits/transfers that had nothing to do with bitstamp so they could see that I deposited for example 500 EUR to my deposit account and a few days later/earlier I deposited an ammount that was in the same range to my bisttamp account.
I did this for 3 months of trading (so I didn't send them all the bank statements for all my deposits to bitstamp)

I also showed them I receive regular payments from my parents.

I hope they don't bother me again with those (silly) questions. I'm just a poor student, who receives some money from his parents...
(In a few months I will be working, so the problem of being "short on cash" will be solved) Cheesy

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May 23, 2014, 11:33:46 PM
 #1436

Can Bitstamp respond to the allegations at the top of r/bitcoin today? Some in the comments are comparing it to the end of Gox and worried that the exchange is becoming insolvent, it would be helpful if you could clear up what the situation is before the rumours inevitably gain momentum.

http://www.reddit.com/r/Bitcoin/comments/26apno/bitstamp_will_not_process_withdrawal_unless_you/

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May 24, 2014, 12:20:26 AM
 #1437

Can Bitstamp respond to the allegations at the top of r/bitcoin today? Some in the comments are comparing it to the end of Gox and worried that the exchange is becoming insolvent, it would be helpful if you could clear up what the situation is before the rumours inevitably gain momentum.

http://www.reddit.com/r/Bitcoin/comments/26apno/bitstamp_will_not_process_withdrawal_unless_you/

+1 issue a clear statement on exactly what KYC/AML rules bitstamp is working to.
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May 24, 2014, 12:30:05 AM
 #1438

Can Bitstamp respond to the allegations at the top of r/bitcoin today? Some in the comments are comparing it to the end of Gox and worried that the exchange is becoming insolvent, it would be helpful if you could clear up what the situation is before the rumours inevitably gain momentum.

http://www.reddit.com/r/Bitcoin/comments/26apno/bitstamp_will_not_process_withdrawal_unless_you/

this seems very dubious. never expected that from Bitstamp. especially the part about having to provide a signed message to withdraw funds. and them in the same message admitting that it's an advanced bitcoin feature.

you can't assume that there is access to these features at all the addresses bitcoins are sent to/from. i wonder if Bitstamp even provides access to this feature.
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May 24, 2014, 09:10:14 AM
 #1439

that really seems like a weird way of KYC/AML  Huh
I know some large stock brokers ask for the origin of your wealth, but at a bitcoin exchange this is a
complete novelty...
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May 25, 2014, 10:43:58 PM
 #1440

my btc withdrawals are disabled, what the hell bitstamp?

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