Bitstamp - wanted to withdraw money and was hit with these weird KYC questions

[Keefe]

...
I hv refused to answer such questions and said i will move all my coins and that they already hv my ID.
I also said i will sue anyone who has asked them to do this namely the bank, and they can see i hv quite a fair few coins in my account. I am thinking of moving them before they see the ticket, which i excerpt below tho its been edited for my security:
...

I look forward to hearing whether they give you any trouble when you try to withdraw all your BTC without answering their questions.

[moni3z]

Bitstamp also contracts out ID verification to this huge global datamining corp http://www.gbgplc.com/products/id3global/
So when you send them your ID and ppwrk who knows how this is shared with other subscribers, if you can ever remove yourself from that database, if it's encrypted (probably not) and if they sell this information to advertisers (probably), and who knows what kind of shady state intel agencies get a free for all over the data because they offer "IQ the intelligence gathering tool".

[markjamrobin]

I got the same questions; My responses:

1. Internet.
2. To trade Bitcoin.
3. My Bitcoin Wallet.
4. Somebody else's Bitcoin Wallet.
5. I think you know the answer to this one...
6. I will never use Bitstamp again.
7. See 6.
8. See 5

[leckey]

Bitstamp also contracts out ID verification to this huge global datamining corp http://www.gbgplc.com/products/id3global/
So when you send them your ID and ppwrk who knows how this is shared with other subscribers, if you can ever remove yourself from that database, if it's encrypted (probably not) and if they sell this information to advertisers (probably), and who knows what kind of shady state intel agencies get a free for all over the data because they offer "IQ the intelligence gathering tool".

GB group aren't shady. They don't use the data for advertising. I've worked with GB group numerous times on a load of projects. They're a solid company.

[TheSmackDown]

they just told me basically they are boss and are not obliged but can ask for anything they see fit and do what they like. they are turning into a rubbish company with bad business ethics.

no bank asks those questions and even if they do, they can't refuse you a withdrawal of your own money. they just cancelled a fiat request withdraw as i said only my mother can ask me questions like that and no state, entity, or government can act like my mother or father.

bitstamp has bent over for the criminals who run the banking industry.

i am verified and do nothing illegal. but make good money as much as i can. crypto addict.

[btcash]

Sad to seen another exchange gone.

6. What are your future plans and activities planned on our exchange?

I hope you said "none".

[Aswan]

they just told me basically they are boss and are not obliged but can ask for anything they see fit and do what they like. they are turning into a rubbish company with bad business ethics.

no bank asks those questions and even if they do, they can't refuse you a withdrawal of your own money. they just cancelled a fiat request withdraw as i said only my mother can ask me questions like that and no state, entity, or government can act like my mother or father.

bitstamp has bent over for the criminals who run the banking industry.

i am verified and do nothing illegal. but make good money as much as i can. crypto addict.

When bitstamp started to require a verification for even the smallest amounts, they were dead for me. But what they do is... well, I can't even find the words. You should just cancel your account with bitstamp and they will have to pay out your money (or coins). As far as I can remember that worked when they added the verification thing but people didn't want to get verified to they canceled the account and got their money back. If they don't honor that you will have to sue them.

What you did was the totally correct thing. Did they even inform you about these changes in time? Whatever they do, they cannot withhold your money just because you don't want to answer weird questions. If is none of their business where their customers bitcoins came from (that might be different for Fiat tho). I suggest you give them all the information you would have to give then when you sue them, which is your name and address, date of birth and maybe location of birth (tho this is questionable). Basically not more than what is written on your ID card. Then gather proof regarding your payment to them (bitcoin TxIds, screenshots of their website) and/or bank statements. Tell them thats all they get (because it's all that has to be provided in order to sue them) and in the same message, cancel your account. Maybe send all that by traditional mail with tracking and see what they do. I am almost sure they will comply then. However, if they don't... you'll have to sue them =/

[richardweiming]

Did anyone else receive such a message from support when they tried to withdraw money recently?

We received your withdrawal request. As your withdrawal request met some of our volume and frequency thresholds, we will have to kindly ask you to help us better understand the nature of your relationship with Bitstamp. In order to do so, we require that an additional KYC (know your customer) procedure is completed before we can proceed with the processing of your transfer.

We kindly ask you to answer the following KYC questionnaire:

1. How did you learn about Bitcoin?
2. The purpose of trading on Bitstamp?
3. What is the origin of the deposited Bitcoins? If mining, please specify your hardware specifications and submit a receipt or an invoice for your mining equipment.
4. When and how did you obtain your Bitcoins?
5. What is the reason for your activity - depositing BTC, selling, withdrawing?
6. What are your future plans and activities planned on our exchange?
7. Do you plan more of such withdrawals in the future? If yes, how many and why?
8. Which bank are you using? Please provide the complete address and SWIFT code.

We kindly ask you to submit your answers and documents in a reply to this ticket.

First of all, I exchanged money on Bitstamp exclusively since last spring. Withdrawals were less frequent during these last few months, but I had withdrawals both larger and smaller than the one I tried making now. I'm a verified customer with them.

Second, while some questions kinda sorta make sense, others are rather useless, redundant or impossible to address accurately. And some of their requests are downright audacious, not to mention grossly lacking respect to personal security. If I mine it's none of their goddamn business what the hell I mine with, what are the hardware specs and sure as hell they don't need to get invoices to every  piece of hardware I mine with.

So, anyone else?

They do not only ask for question. They are asking documents. I really don't what documents is suitable.

"Thank you for your provided answers to our questionnaire. However, in order to be able to finalize the process, we would kindly ask you to please also send us any financial documentation, which can confirm how the funds you will be sending to your Bitstamp account were acquired."

What kind of financial documents can prove that?

[Macno]

What would happen if you bought back the BTC and withdrew them?

[JimmyGTO]

i am thinking of submitting this in response but i don't think it will get me anywhere,

1. BTC i found out about on the moon.
2. Purpose of trading is to lose as much coin as possible. Sell low, buy high.
3. Origin of BTC is moon dust particles.
4. I obtained many moons ago from the soil and mines on the moon.
5. I just like burning fiat currency when possible.
6. I plan to move away due to ignorant and insulting questions that relate to my privacy and or private business. That hv no relevance to anything but control and time wasting by banks.
7. Yes when i need money, i need withdraw it. When i buy a new porshe i will withdraw only $500. Nothing costs money anymore so i make withdrawals to burn fiat. Its my hobby.
8. I did provide a complete address and SWIFT code, for my own personal account with ..............

what you guys think ?!

Yes go for it

[gentlemand]

http://www.reddit.com/r/Bitcoin/comments/1whbjk/im_all_for_proper_kyc_but_bitstamp_this_is/

Is this happening consistently now or just to selected people?

I have never heard of any type of financial institution trying to go this deep. I have an account there. They can kiss my ring piece if they think they'll be getting that much info.

[TheSmackDown]

http://www.reddit.com/r/Bitcoin/comments/1whbjk/im_all_for_proper_kyc_but_bitstamp_this_is/

Is this happening consistently now or just to selected people?

I have never heard of any type of financial institution trying to go this deep. I have an account there. They can kiss my ring piece if they think they'll be getting that much info.

I been through the whole thing now ppl and will paste it below so u guys can make the same complaint and ask for the same info.
For the record i don't think bitstamp is such a bad company but they are using banking guidelines in a very gross manner and I am sure their bank is forcing this compliance as a condition of providing the banking service.

What we all need do is club together and find out who we all can collectively sue for giving/making these guidelines that can be grossly interpreted and that hv no substantial prove they are actually deterring fraud or money laundering. What is required is that people are who they say they are.

Check it out, edited for my security

"sorry gone as u all got it now."

I hope u get a good idea from the above ppl. We need stand up for our rights but against the correct people - namely whoever is the regulation maker - reason being - its v easy to prove in court that AML is based on corruption and does not prevent or deter crime. Anti fraud and crime prevention should in all fairness be implemented at the companies discretion to a certain min standard at least, that is ensuring people are who they say they are without being invasive or intrusive about their personal life or spending habits etc or it becomes like a mother or father state situation. Even communist.

[bobsmoke]

This is not a good sign indeed.... I also got the "We kindly ask you to send us a high resolution image double page of your international passport and answer the following KYC questionnaire:"

[js1985]

This is not a good sign indeed.... I also got the "We kindly ask you to send us a high resolution image double page of your international passport and answer the following KYC questionnaire:"

How much have you tried to withdraw? is there some certain amount that triggers this??

[TheSmackDown]

probably is same as the bank amounts, but only a little over 10k english money,

which my girlfriend could spend in a day shopping easily, on a watch and one dress

[bobsmoke]

This is not a good sign indeed.... I also got the "We kindly ask you to send us a high resolution image double page of your international passport and answer the following KYC questionnaire:"

How much have you tried to withdraw? is there some certain amount that triggers this??

1000 USD

[bobsmoke]

probably is same as the bank amounts, but only a little over 10k english money,

which my girlfriend could spend in a day shopping easily, on a watch and one dress

Hello TheSmackDown, I read your answers and its good for you that you manage to pass trough .... how do you interpret :
INDEMNITYTo the full extent permitted by applicable law, You hereby agree to indemnify Bitstamp, and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if direct or not directly arising from your use of Bitstamp's Sites, Your use of the Service, or from your violation of these Terms of Use

[bobsmoke]

Interesting that Western Union is blocking transfers to Bitstamp
https://bitcointalk.org/index.php?topic=367873.0

[TheSmackDown]

dont sound good at all, but i hv to be fair and bitstamp been ok most of the time and i got nothing to hide, i just find it weird and all else important thats wrong with the world.

The bank has made them do this, and they hv decided to take it on.

I hv to give it to Gox they hv some cock ups but they keep you secure and won't do you any wrong. You need ID and all the usual stuff, but I am starting to think they not so bad, and they did me a fiat GBP withdraw but i had to pay a percentage for a 5 day faster transfer. (Gox turned out to be a scam!!!!!!)

Obviously i like keep costs down and use bitstamp for cashing out as they are good at doing so. And i guess that arouses suspicion - just going about my normal business - so yeh there som thin v wrong with the world.

I think western union is just staying away from BTC and its not the exchanges fault, again the bank can say whatever they like and pull all the strings to get the thing working as they wish. we need our own bank. built on common sense and fairness.

[bobsmoke]

dont sound good at all, but i hv to be fair and bitstamp been ok most of the time and i got nothing to hide, i just find it weird and all else important thats wrong with the world.

The bank has made them do this, and they hv decided to take it on.

I hv to give it to Gox they hv some cock ups but they keep you secure and won't do you any wrong. You need ID and all the usual stuff, but I am starting to think they not so bad, and they did me a fiat GBP withdraw but i had to pay a percentage for a 5 day faster transfer. Obviously i like keep costs down and use bitstamp for cashing out as they are good at doing so. And i guess that arouses suspicion - just going about my normal business - so yeh there som thin v wrong with the world.

I think western union is just staying away from BTC and its not the exchanges fault, again the bank can say whatever they like and pull all the strings to get the thing working as they wish. we need our own bank. built on common sense and fairness.

Thank you TheSmackDown!

PS: I have answered Bitstamp the questions and my withdraws have been resumed.