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

[mellowyellow]

All this is very normal in high risk industries. If anything being asked questions like this should make you feel more secure about using their service. It's the exchanges that don't ask these questions that you should be worried about as they are not planning ahead for regulation which is risky territory.

[meefozio]

FYI: I just withdrew a six-figure USD balance and after vaguely answering Bitstamp's questions, the cash arrived in my account in less than a week.

[realcoin]

...

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.

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.

I agree with the opinion about this questions. Some make sense, some downright audacious...

All this is very normal in high risk industries. If anything being asked questions like this should make you feel more secure about using their service. It's the exchanges that don't ask these questions that you should be worried about as they are not planning ahead for regulation which is risky territory.

Agree too... But does Bitstamp need this downright audacious question too? I cant imagine Bitstamp is doing it because of boredom! Got they forced to do this kind of KYC questionnaire by there bank, or the GCHQ because their UK based business entity Ltd.?


Or did ID3global some consulting in that way? What is going on behind the scene?

[wobber]

Now I also want Bitstamp to die. Didn't had many coins there but left only 5 there. Anything more is a liability.

DEATH TO BITCOIN EXCHANGES!

[600watt]

...

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.

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.

I agree with the opinion about this questions. Some make sense, some downright audacious...

All this is very normal in high risk industries. If anything being asked questions like this should make you feel more secure about using their service. It's the exchanges that don't ask these questions that you should be worried about as they are not planning ahead for regulation which is risky territory.

Agree too... But does Bitstamp need this downright audacious question too? I cant imagine Bitstamp is doing it because of boredom! Got they forced to do this kind of KYC questionnaire by there bank, or the GCHQ because their UK based business entity Ltd.?


Or did ID3global some consulting in that way? What is going on behind the scene?

imagine being the boss of stamp. all these millions jumping around. you know that you a lot of enemies in the EU bureaucracy /banking elite / lawmakers /etc..   would you rather just sit and wait what happens next or would you try to look and taste and smell as complaint as possible in advance.
they are acting responsible. they are protecting your funds.

[Hyena]

If they just ask these questions but will send the money anyway then I'd have no problem with that. However, with this topic I'm starting to prefer other means of bitcoin-to-fiat conversion. I wonder how much fiat fits into these Bitcoin ATMs and does localbitcoins ask you these questions?

[600watt]

If they just ask these questions but will send the money anyway then I'd have no problem with that. However, with this topic I'm starting to prefer other means of bitcoin-to-fiat conversion. I wonder how much fiat fits into these Bitcoin ATMs and does localbitcoins ask you these questions?

it would surprise me very very much if an exchange like bitstamp has not already given all data they have to authorities. or at least they will if asked.

[realcoin]

...you know that you a lot of enemies in the EU bureaucracy /banking elite / lawmakers /etc..   would you rather just sit and wait what happens next or would you try to look and taste and smell as complaint as possible in advance.
they are acting responsible. they are protecting your funds.

Thats not the answer to my question! I am not against Bitstamp!
I just want to know more about the details! because if we get exactly the same bureaucracy as in the usual  banking market, and even more, because Bitcoin became or was THE money-laundering outfit from the very beginning, than we can just shut down BTC.
Nobody needs a buggy, high speculative, money-laundering, pseudo currency! Which lets became you a potential criminal... only because you own some coins of it.

Questions:
1.  developed Bitstamp this KYC questions alone, by itself?
2. Who developed the KYC questions? a company consulting agency like global datamining corp http://www.gbgplc.com/products/id3global/ with whom Bitstamp is working together?
3. how fit the KYC questionnaire to the laws and legal obligations?
4. etc

[600watt]

...you know that you a lot of enemies in the EU bureaucracy /banking elite / lawmakers /etc..   would you rather just sit and wait what happens next or would you try to look and taste and smell as complaint as possible in advance.
they are acting responsible. they are protecting your funds.

Thats not the answer to my question! I am not against Bitstamp!
I just want to know more about the details! because if we get exactly the same bureaucracy as in the usual  banking market, and even more, because Bitcoin became or was THE money-laundering outfit from the very beginning, than we can just shut down BTC.
Nobody needs a buggy, high speculative, money-laundering, pseudo currency! Which lets became you a potential criminal... only because you own some coins of it.

Questions:
1.  developed Bitstamp this KYC questions alone, by itself?
2. Who developed the KYC questions? a company consulting agency like global datamining corp http://www.gbgplc.com/products/id3global/ with whom Bitstamp is working together?
3. how fit the KYC questionnaire to the laws and legal obligations?
4. etc

bitstamp boss: well, i am getting nervous about all the regulation heat. what should we do ?

lawyer: hell, no one knows, there laws aren´t made yet.

bitstamp boss: so better do nothing ?

lawyer: hell, no - you need to give at least the impression you are doing something.

bitstamp boss: but what ?

lawyer: listen, it doesn´t matter, just have a meeting with your staff and pick out someone to come up with some kyc questions and send those out to anyone who wants to get more than several thousand dollars per month. better pick some idiot, so you can blame the stupidity of the questions if the shit hits the fan.

[orlinm]

Hello, I am new here but not new to bitcoin. I used mtgox for almost 2 years but with their recent problems I switched to bitstamp. I made several successful transactions with them but now they are asking me these same questions all of you received. I don't know what to do. I answered the best way I could, on questions 4 and 5 telling them that I will probably stop using them from now on. They want me to send them a scanned image of my international passport but I don't have one (which idiot came up with these demands?). Now I wonder what should I do. I have $7580 in there pending to be processed and this is a lot of money for me. I see some of you got this resolved in one week, did you send any documents or you just answered the questions? Thanks for any help.

[Alty]

lawyer: listen, it doesn´t matter, just have a meeting with your staff and pick out someone to come up with some kyc questions and send those out to anyone who wants to get more than several thousand dollars per month. better pick some idiot, so you can blame the stupidity of the questions if the shit hits the fan.

They got me for $6000 right now but that made me laugh

[600watt]

Hello, I am new here but not new to bitcoin. I used mtgox for almost 2 years but with their recent problems I switched to bitstamp. I made several successful transactions with them but now they are asking me these same questions all of you received. I don't know what to do. I answered the best way I could, on questions 4 and 5 telling them that I will probably stop using them from now on. They want me to send them a scanned image of my international passport but I don't have one (which idiot came up with these demands?). Now I wonder what should I do. I have $7580 in there pending to be processed and this is a lot of money for me. I see some of you got this resolved in one week, did you send any documents or you just answered the questions? Thanks for any help.

I suggest to write them and ask them what alternative id document you could use. they are usually answer pretty fast.

some friendly, short description of your situation. and sending that stuff is mandatory if you want to deal with them i guess.

[600watt]

realcoin, you have every right to be concerned about those issues. i do not want to give the impression that i am defending stamp. exchanges can fail.

[RodeoX]

The crappy part is waiting till you are ready to withdraw to hit you with this. They should have done their KYC before funding your account. 

[markjamrobin]

The crappy part is waiting till you are ready to withdraw to hit you with this. They should have done their KYC before funding your account. 

It is almost scamish to let you fund your account, but not let you withdraw.

[mmitech]

I've got the same questions, I did answer every single one, although I know that some of the questions just doesn't make any sense but I needed the cash so I had to do what they asked me to do, after I submitted the answers I got my money after a couple of days.

I have no problem with answering the questions as long as it is legitimate and will get me my money, I understand that they are heavily regulated and they have to ask this to cover them selves.


just to point something out, the account verification is a KYC (know your customer), so they have to know who you are to let you use their service, and these questions are AML (anti money laundering) so if they see a suspicious activity or a large withdrawal or a large deposit they proceed with them, and yes it does happen even when you deposit a large amount of money.

just take it easy, if you are not doing any illegal activities then you have nothing to be afraid off.

[leckey]

It's not a big conspiracy folks, calm down.

[markjamrobin]

It's not a big conspiracy folks, calm down.

Lies, all Bitcoin users are going to just disappear, you know how this ends.

[orlinm]

A small update from me. They agreed to cancel the sepa withdrawals and send me the bitcoins. Now I got back my bitcoins and I am done with bitstamp. I deactivated my account and just hope that they will delete the scans of my id card.

[Hyena]

A small update from me. They agreed to cancel the sepa withdrawals and send me the bitcoins. Now I got back my bitcoins and I am done with bitstamp. I deactivated my account and just hope that they will delete the scans of my id card.

That's cool! Where are you planning to do your bitcoin business now? I was advertised bitcoin.de, do you think it would do?