Bitstamp.net - A good scam scheme

[dp1969]

I started using bitstamp as a withdrawal service from btc to my bank account.

Traded around 10 000 eur and suddenly with my last withdrawal attempt my transaction is blocked.

They started asking for source of funds, who is sending me bitcoins, why i am trading with bitcoins, do i have a regular job etc shits.

Ask me for MY PERSONAL BANK ACCOUNT STATEMENT - where i pay my kids stuff etc...

Furthermore they ask me how i trade with bitcoins, to give them LOGS from my localbitcoins account + screenshots of my CONVERSATIONS with people who i trade bitcoins with.

Ask for my trading wallets + everyone who i trade with - names, phones etc - LOL!!!

Totally insane talks!!! This is over 10 days - every day they keep asking for more and more information.

Lately i asked to get my money back to my bitcoin wallet as im not going to share my personal conversations with them.

They count on their shitty "terms and conditions" and "KYC" to gather such sensitive information.

Would you guys share your personal messages on bitcointalk, localbitcoins or FACEBOOK with currency exchanger???

Do you think this is right as i already made a statement that i want my money back to my deposited wallets?

So far bitstamp is holding 300 eur my money, refusing to return that back to me neither to withdraw to my wallet.

Here are some of the unedited logs:

Dear ***,

we have received your latest withdrawal request.

However, as a follow-up to your answers to our KYC questionnaire, we ask you to submit some additional information and/or documents:
1. Please explain "Buying/selling goods or services" as one of your intended activities on our platform.
2. Please explain "Salary/dividends received in crypto" as the origin of your crypto assets and submit as much information as possible.
3. In order to secure your account and funds we ask that you explain the IP from outside your country of residency which has been used to access your Bitstamp account.
4. What is the reason for withdrawing funds to a bank account located outside of your country of residence? Please also submit bank account statements of the following bank accounts:
- IE30 xxxx xxxx xxxx xxxx 87
- GB94 xxxx xxxx xxxx xxxx 56

Please note that we only accept .PDF, .JPG or .PNG file types.

Thank you for your cooperation and we look forward to your reply.

Best regards,
Tomaž R.

Dear ***,

thank you for your prompt reply.

Please note that we would require any kind of documentation which would confirm the ownership of the bank accounts in question, for example screenshots or email confirmations pertaining to the opening of these accounts.

Please also note that we require some additional information regarding your reselling activity:
1. What is your current occupation?
2. Are you using your Bitstamp account in connection with any business-related activity? If yes, please clarify how and provide as many details as possible.
3. Please submit the wallet address(es) to which you received and intend to receive the BTC that originate from your activities.
4. How can your potential customers reach you?
5. Who does your current customer base consist of? Since you have stated you "buy bitcoins from services or people locally", we ask you to clarify who these businesses or individuals are.
6. How and where do these purchases of BTC take place? Please submit as much information as possible so we may better understand your activity.

Please note that we only accept .PDF, .JPG or .PNG file types.

Thank you for your cooperation and we look forward to your reply.

Best regards,
Tomaž R.

Dear ***,

thank you for your reply. Please accept our apologies for not getting back to you sooner.

Please note that we are required by our internal KYC/AML standards to obtain certain documentation relevant to our KYC (Know Your Customer) procedure. Please also note that we will be able to process your transaction once you successfully conclude our KYC procedure by submitting the requested information and/or documents:
1. We ask that you submit any documentation confirming the ownership of the Revolut bank account in question.
2. We ask that you submit any logs pertaining to the purchases of BTC through Localbitcoins, forums or Facebook.
3. We ask that you submit a photograph of yourself holding both your passport and a hand written note of when the image was submitted following the example below:

"[date of submission] For Bitstamp Limited Only"

Make sure the note, document, and your face are clearly visible and discernible in the photo.

Should you have any additional inquiries regarding our Data protection policy, please refer to our Privacy policy (https://www.bitstamp.net/privacy-policy/) or contact our Data protection officer at dpo@bitstamp.net

We look forward to your reply.

Best regards,
Tomaž R.

I've already alerted uk internet fraud police, europe comission regulatories and ecustomer.gov about this scheme.
Thanks god i have not got blocked with 3-4 000 eur in account.

BEWARE ALL. If Administration want proove, i have screenshots + can provide teamviewer to ensure what i give here as an information is true!

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[shasan]

3. In order to secure your account and funds we ask that you explain the IP from outside your country of residency which has been used to access your Bitstamp account.
4. What is the reason for withdrawing funds to a bank account located outside of your country of residence? Please also submit bank account statements of the following bank accounts:
- IE30 xxxx xxxx xxxx xxxx 87
- GB94 xxxx xxxx xxxx xxxx 56

Base on these two points everyone can think that the account has been hacked or compromised and that's why they have the right to know as many information as possible to secure the account. So, if you are the real owner of that account you should co-operate with them.

[dp1969]

Its not, i've provided statements - they didnt release funds + was sent from same btc and immediately withdrawn as always.

Same IP/Browser was used + 2 factor auth + sms.

[StackGambler]

This may be unethical or maybe a bit dickish, but it's certainly not a scam. Exchanges are well known for having rigorous KYC processes. If you didn't read the terms of service before signing up, that's definitely on you, not on them. Your complaint that Bitstamp is getting a bit too nosey certainly has some merit, but straight up calling it a scam in your title doesn't do wonders for your credibility.

[klintay]

I have used bitstamp for years with no problems.

[dp1969]

In a free world, everybody could ask for and tries to do anything. The market is full of offers for exchangers etc.

It is okay when they ask for information. Im against the way they do it - while keeping your money!

I've passed verification, provided all required information. They hold my money and use this as a leverage to push me to give them my sensitive information.

Bitstamp are around for a long time, this could be just a miserable clerk that hates people that make money while he is eagerly waiting for his weekly 400 GBP steering at people's accounts.

It could be anything and it is always miserable when you count on someone to do his work and they steal your money.

And YES this IS a scam scheme - they ask for irrelevant information and refuse to release your money even to return to sender if you do not provide.

If you deposit there and they ask to f*ck your mother or they wont give your money back - what would you do? You'll ask ur mom to go to them or you'll refuse and waste your money - its something like this now:

"Give us the information we want or we take your money and you get nothing".

[Slow death]

I believe they are asking you for these documents because they realize that you live in a country X but withdraw money into the bank account of a Z country. Now if you gave the documents they requested and they are not allowing you withdraw your money so you can use other legal means. but attach be sure to search if you are really right in this case... Because this KYC thing is something very complicated and it seems that always benefits to Service provider instead of the customer

[dp1969]

I talk about the shit that they dont return money back when you refuse to give this sensitive info. This is the problem. I'd be glad to stop working with them if they get back my money. But now its like half of a month my money in their pocket.

[PrimeNumber7]

Did you reply to the last message from Bitstamp? If so, did you receive a response?

My suspicion is that Bitstamp has been told by a law enforcement agency to not process your withdrawal, potentially pending a civil forfeiture case. If they have been instructed by their regulator or by law enforcement not to process the withdrawal, your only option is to pursue legal action; you may be able to get your money back if you hire a lawyer who sends a demand letter on your behalf, but I would not bet on this working.

An alternative possibility is Bitstamp is trying to gather information in order to file a SAR (Suspicious Activity Report), or equivalent, and law enforcement and/or their regulator may then tell Bitstamp to either release or not release the funds in your account.  

If you haven't done so already, I would provide the requested information in the last message Bitstamp sent you. They are saying they will release the funds after you provide this information; I do not have a lot of confidence they will release your money after you provide this.

[LFC_Bitcoin]

Bitstamp are definitely not a scam exchange, you can trust my judgement on this 100%. KYC is pretty much common place on every major exchange now. I recently had to provide addresses, bank statements, full ID to get level 2 tier verification on Localbitcoins too.

It sucks but for bitcoin to go mainstream this kind of shit must happen.

[NeuroticFish]

Well!! in one of Bistamp review I have read that bitstamp exchange is one of the industry leaders in terms of its security procedures, and the platform has a good reputation as being a trustworthy exchange.

1. You revived a thread from March, rather old story.

2. If you read between the lines you'll see that OP has successfully traded 10k euro before the exchange "become a scam", so I suspect that OP did something fishy or something Bitstamp may have considered fishy. Such things come up now and then; they may be caused by misunderstandings or people thinking that they can force Bitstamp hand by posting like this. Indeed, if such reports start to pile up, then it's a warning. But imho it's not the case. It's indeed one of the platform with good reputation. I also can certify I did a few hundred euro withdrawal Friday without issues. All I can complain is that recently they've risen the fees...