I got the same problem. People who say this is OK are delusional and have no experience with large bank transfers. I totally agree with ab8989. When I receive large deposits in my bank account my bank usually asks me to fill a form to explain the source of the money. But that is the ONLY question they ask. I can fill in anything and they don't ask for any receipts or documents. If the bank suspects something they inform the proper authorities and then it is the authorities' job to investigate and ask questions. That is the normal practice all over the world. Bitstamp already has my ID card, an utility bill and all my banking information. It is enough even to steal my identity. There is no need for them to ask such idiotic questions. Now their support cannot handle all these tickets which were created by them. This is pathetic.
At my previous company, I sometimes would be required to send multiple wires in a day, often totaling $100,000-$200,000, to many different individuals and businesses. When we first started doing this, I was required to fill out lots of paperwork, and even after that, I would randomly be asked to provide more information. This was banking at one of the largest banks in the US.
What Bitstamp is doing may be a bit more than what an established bank would do, but they are trying to err on the side of caution. Quit complaining. Would you prefer they have their funds frozen and stolen, like Mt. Gox?
I don't know what are the practices in USA I live in the EU and I have received deposits of 10k+. As I said my bank has never asked me to answer idiotic questions like "Where did you hear about the USD" or "What are your future plans and activities planned on our Bank". They only asked me to fill in paperwork about the origin of the funds. Furthermore the amount I am withdrawing right now is $6000. I don't think it is so large amount.
On a side note I managed to withdraw all bitcoins I had in there, so bitcoin withdrawals are still working. I think to ask them to cancel the sepa withdrawal and give me the bitcoins. Now I use a local exchange. The only drawback with them is that they buy at 3% lower price than bitstamp. Anyway this is a price I am willing to pay to get my money on time.
I am curious why some people are acting like bitstamp advocates. I remember months ago people were protecting mtgox like they were holy and see where they are now. The fact with these exchanges is that once problems start to appear you must get away from them as fast as possible. It is a matter of time before all withdrawals stop.
I have no particular love for Bitstamp, or any other exchange currently. Though, I got out of Gox after they stopped allowing US wires out in the middle of last year. Their problems were obvious, and they need to be gone completely.
It isn't about receiving the funds, but rather about sending them. When I was doing that with my previous business, I was not required to fill out that information because I was receiving money. It was because I was sending it. I was taking responsibility for myself and the person I was sending it to, by saying that I know who they are, and it is being sent for a legitimate purpose. The bank was just the intermediary, and they needed this information from me to protect themselves.
Now, with an exchange such as Bitstamp it is a little bit different. When you are withdrawing money, it is only between you and them. There is no 3rd person that is sending it to you through them, because if there was, they would be asking that person the questions instead of you. Since they are taking the risk of sending the money to you, then they must ask additional questions of you, because the risk is not distributed across them and another person. The risk is ALL on them. At least a bank can say,"The guy sending the wire checked out, so we did our due diligence, and we cannot be responsible for the person on the receiving end". Bitstamp has no one to shoulder that blame if something fishy were going on. They MUST be careful, especially when dealing with cryptocurrencies, as this is a new market that will be seriously scrutinized over the next few years.
Also, yes, the US is much more strict regarding AML\KYC than Europe. The US is the only country that will actually investigate, bully, and try to regulate banks that are not even located in their country. Every bank in the world has to follow the US's rules for banking, unless they do not do ANY business with citizens of the US.
My foot!
Bitstamp blocked my coin since weeks, and they ask for a 'high resolution' photo of myself together with my passport.
The options I see are:
- protecting customers acounts against a phishing attack on customers side
--> anyone could allways phish for my credentials;
Would they EVER take responsibility and refund me? No.
Is it only my obligation to look after my system security? Yes.
Is this of any concern for them, apart from KYC? No.
In case I've been phished, the hacker could steal my btc.
So this one would not be a registered customer, but regarding what amount
would this be relavant? €10.000 or more. Not relevant for my account...
Do they have any agreement with me to block my btc in the event they suspect
me being phished? No!
--> this makes no fucking sense
- they are phishing for bio/ID data
'high res' photo, banking data, official ID, all in their database
--> this makes sense
- their ID database has leaked out or was manipulated, so that they
cannot distinguish between stolen/false KYC IDs and real ones
--> why not just check against bank data?
--> this makes no sense
- it is KYC, again,
--> why not just say so?
--> this makes no sense
- They want to slow down btc export, because they do not have them anymore and
hope to be able to replenish, so they impose 'security measures'.
Didn't they say they had a review just lately and nothing was missing?
--> this makes sense
All options I see smell more than fishy.
