Bitstamp BLOCKs withdrawals to verified users

[MrPiggles]

It just wont ever happen to me or anyone, banks are not allowed to do that, only authorities can.

Banks do it all the time.

I have accounts with 3 different banks in the UK alone so that when one gets frozen I can use another.

Plus prepaid cards.

Anyone who travels a lot, if you don't constantly inform your bank where you will be on what days...will get their accounts frozen

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[5flags]

It just wont ever happen to me or anyone, banks are not allowed to do that, only authorities can.

That's absolutely incorrect. My account has previously been frozen by my bank on suspicion of wrong doing without the authorities being involved. At no point did I suspect they were insolvent.

Banks have an obligation, to their customers, to their shareholders and to the authorities.

[bananas]

It just wont ever happen to me or anyone, banks are not allowed to do that, only authorities can.

Banks do it all the time.

I have accounts with 3 different banks in the UK alone so that when one gets frozen I can use another.

Plus prepaid cards.

Anyone who travels a lot, if you don't constantly inform your bank where you will be on what days...will get their accounts frozen

Those are measures to protect you, yes, you have to inform them that you are using your cards and accounts overseas so they know it is you. They won't and they can't frozen because they think you may be somthing like a criminal or whatever.

[5flags]

They won't and they can't frozen because they think you may be somthing like a criminal or whatever.

You're obviously beyond reason. Or have never used a bank. Or were born this morning.

[bananas]

They won't and they can't frozen because they think you may be somthing like a criminal or whatever.

You're obviously beyond reason. Or have never used a bank. Or were born this morning.

Man, i'm not only very experienced with my own accounts but i've worked on a major bank long time ago. I'm not in europe, but procedures are worldwide standards.

[5flags]

Man, i'm not only very experienced with my own accounts but i've worked on a major bank long time ago. I'm not in europe, but procedures are worldwide standards.

You're right. I must have imagined my account being frozen.

[bananas]

Man, i'm not only very experienced with my own accounts but i've worked on a major bank long time ago. I'm not in europe, but procedures are worldwide standards.

You're right. I must have imagined my account being frozen.

You did not, a fraud investigation was in course and you got involved. That's a case when it may happen, anyway it was to protect the account holders from fraud, it had nothing to do KYC/AML or any other interest of the state. How the other user reported it may also get frozen when in a trip, it is to protecct you. In a summary, frozen account are to protect the funds of a account holders, it is never to policy them like the police do. Employees must keep all information confidential even inside the bank, they are trained to not ask anything ( except when you are opning an account, they want you to prove income to have the account and that's it ). AML resumes to indentify the customer, reporting all transactions to the authorities every year thru' and following the strict procedures of sending money overseas. BTC is not even money.

[MrPiggles]

they are trained to not ask anything ( except when you are opning an account,

not in the UK. MrsPiggles used to work in a bank and they are trained to sneakily ask AML questions during normal transactions.

If I go and withdraw even £1500 I'll probably be explicitly asked "what for"

if I deposit regularly I'll be asked what the cash is from

[bananas]

I think the discussion is getting pointless i believe. Fact is , be they right or wrong on what they are doing, they are doing just like Gox. Bitstamp should give full and proven explanation about that to get any doubts out of the way. The community should not accept any Gox behaviour patterns anywhere, or the same shit may happen again.

[eldentyrell]

I'm baffled by this as Bitstamp aren't widely known to pull these kind of bullshit manoeuvres

Um, what rock have you been living under?

Bitstamp is #1 for using AML-KYC to screw people out of their money.

The only difference at gox is that they don't bother with the excuses.

[Shawshank]

It just wont ever happen to me or anyone, banks are not allowed to do that, only authorities can.

Banks do it all the time.

I have accounts with 3 different banks in the UK alone so that when one gets frozen I can use another.

Plus prepaid cards.

Anyone who travels a lot, if you don't constantly inform your bank where you will be on what days...will get their accounts frozen

Those are measures to protect you, yes, you have to inform them that you are using your cards and accounts overseas so they know it is you. They won't and they can't frozen because they think you may be somthing like a criminal or whatever.

Not only can banks reject a transfer if they feel you are a criminal. Merchants receive a gift from payment processors if they withhold a blacklisted credit card.

[5flags]

I have a problem with people claiming Bitstamp is better than Gox or Btc-e, because they are the same.

Them be fightin' words.

Everyone who saw Gox have their bank/Dwolla accounts frozen needs their head looking at if they didn't figure out they were insolvent.

Being a company doesn't make them trustworthy - how they conduct their business is what makes them trustworthy (or not).

They are registered as a company and pay tax in the UK - at least they will. Their accounts are due at the end of April.

They have an EU bank account, which means the beneficial owners have have to satisfy the AML and KYC criteria of an EU bank.

Are they better of Gox? Of course. But only because of how they conduct themselves. I don't have enough experience of BTC-E.

I have an a company and bank account in the Seychelles - even they have to saitsfy AML and KYC laws. Otherwise they don't get to play with the big countries.

[5flags]

I think the discussion is getting pointless i believe. Fact is , be they right or wrong on what they are doing, they are doing just like Gox. Bitstamp should give full and proven explanation about that to get any doubts out of the way. The community should not accept any Gox behaviour patterns anywhere, or the same shit may happen again.

They published on this:

https://www.bitstamp.net/article/Statement-by-Bitstamp-regarding-MtGox-insolv/

[5flags]

Bitstamp is #1 for using AML-KYC to screw people out of their money.

Based on what?

We have people on here saying they set up accounts with fake names then complaining at how they are treated.

[bananas]

I think the discussion is getting pointless i believe. Fact is , be they right or wrong on what they are doing, they are doing just like Gox. Bitstamp should give full and proven explanation about that to get any doubts out of the way. The community should not accept any Gox behaviour patterns anywhere, or the same shit may happen again.

They published on this:

https://www.bitstamp.net/article/Statement-by-Bitstamp-regarding-MtGox-insolv/

I mean, they have to prove their withdrawal blocks(specially those of BTC, as it is not a currency) and funny questions are legit and an exigence of the law. They must do it, we can't just go thru's good faith anymore.

[crazy_rabbit]

He's right though and depending how much money you had on the exchange, you might have committed a financial crime by lying about your identity. Using a fake name and withdrawing/depositing money under it, IS money laundering, and what you have done, a crime.
 

Either way, you've essentially forfeited your money in the near-term.

I withdrew it to accounts with no name on.

So I bought/sold btc in a fake name, and deposited them to accounts with no name.

In what country is using a fake name to sell bitcoins illegal?

What law was broken by registering on a slovenian site with a fake name?

I think actually every country- at least every country with a modern functioning financial system, which includes the UK or Slovenia, wherever they are located.

Replace Bitcoin with "Financial instrument" and I think that should give you an idea of what you've done. Maybe governments didn't CARE about bitcoin when it was worth a few dollars each, but they aren't obligated to enforce every law on the book, they are usually content just HAVING the law on the book, and now that Bitcoin is worth real money- I think every modern country in the world would view what you've done as money laundering.

I withdrew it to accounts with no name on.

So I bought/sold btc in a fake name, and deposited them to accounts with no name.

So yeah, you're a criminal in the eye's of the financial regulators. Whether or not they go after you is up to them and whether or not they can find you. They CAN however find Bitstamp, so they have prudently seized your funds to play nice with the police if they ever show up. That said- technically unless you have a government ID with your 'Fake Name' you're pretty much screwed even if weren't illegal (which it most certainly is). If you registered as "Buttlick McBalls" Bitstamp is well within it's rights to ask for your government ID with said name on it.  From bitstamps point of view (not considering the criminal element), until Mr McBalls shows up, that money can very nicely pad their 'reserves' for a rainy day.

Good luck.

[eldentyrell]

Bitstamp is #1 for using AML-KYC to screw people out of their money.

Based on what?

facts.

[MrPiggles]

I think actually every country- at least every country with a modern functioning financial system, which includes the UK or Slovenia, wherever they are located.

Replace Bitcoin with "Financial instrument" and I think that should give you an idea of what you've done. Maybe governments didn't CARE about bitcoin when it was worth a few dollars each, but they aren't obligated to enforce every law on the book, they are usually content just HAVING the law on the book, and now that Bitcoin is worth real money- I think every modern country in the world would view what you've done as money laundering.

So yeah, you're a criminal in the eye's of the financial regulators. Whether or not they go after you is up to them and whether or not they can find you. They CAN however find Bitstamp, so they have prudently seized your funds to play nice with the police if they ever show up. That said- technically unless you have a government ID with your 'Fake Name' you're pretty much screwed even if weren't illegal (which it most certainly is). If you registered as "Buttlick McBalls" Bitstamp is well within it's rights to ask for your government ID with said name on it.  From bitstamps point of view (not considering the criminal element), until Mr McBalls shows up, that money can very nicely pad their 'reserves' for a rainy day.

Good luck.

lol bollocks.

At no point whilst I was trading on this particular account was bitcoin classed as a financial instrument anywhere in the world.

You might as well claim that selling stamps on eBay is money laundering

[bananas]

Remember mates, BTC is not money.

[MrPiggles]

What about all the trades on localbitcoins where I don't give a name? is that also money laundering and the police are just waiting to arrest me?