bitstamp now questioning me why i am using their exchange?

[dozerz]

i recently processed a transaction with bitstamp only to get the following support message:

We have received your withdrawal request and instructed our payment department to further process it.

However, 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? Please describe in as much detail as possible how you intend to use your trading account.
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. What are your future plans and activities planned on our exchange?
5. Do you plan more withdrawals in the future?
6. Which bank do you indent to use? Please provide the complete address and SWIFT code.
7. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?

If you have any questions in the meantime, please feel free to ask.

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

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[readysalted89]

You are not the first person to be asked those seven questions. The post below is from a whole thread about them. It says the questions are to do with AML and KYC requirements and there is no way around them after bitstamp asks them.

I've filled it previously, sent them my id and bill and registration card. Then entered the bank data with swiftcode etc.

Now the ask for this:

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 send us a high resolution image double page of your international passport and 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. What are your future plans and activities planned on our exchange?
5. Do you plan more withdrawals in the future?
6. 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.

I was asked these questions when I made withdrawals in November/December 2013 from Bitstamp, so this is nothing out of the ordinary. I answered the questions and received my withdrawals as normal.

Exactly the same for me.

To those screaming because of this: ANY company managing funds on behalf of third-parties is required to comply with both AML and KYC requirements.

1) AML is pretty straight forward. You need to ask a) ID and b) proof of residence of your customers. That's what all exchanges do to verify their customers and it is standard procedure.

2) KYC is trickier. There's no "official" procedure, but any company managing funds on behalf of third parties is required to "know their customers" - as broad as that definition might seem. If shit hits the fan and LE investigates one of the company's customers, the company needs to have as much info as possible on that customer to avoid to face any legal problems.

Summing up: to comply with current AML regulations an ID and proof of residence should be enough, but any company willing to avoid problems *must* do their own due diligence when they spot something suspicious. Probably none of our transfers/withdrawals were suspicious, but in my personal case I was asking a big fiat withdrawal. With *big* I mean an order of magnitude bigger than what I guess is the average withdrawal requested by a small-time trader. I'm not surprised Bitstamp is asking that kind of questions, and in my opinion they are as general and vague as they could be. In my case I also replied with vague answers ("I bought those Bitcoins a few years ago"; "I don't know when I will use your service again or how many bitcoins I will buy or sell in the future, it depends on the market", etc.). Bitstamp gave me the OK to those questions in 24 hours and processed that withdrawal the day after. It looks like they are doing what they should be doing: asking for as much info as possible to their "bigger volume" customers.

IMO there's absolutely nothing to be worried about and in fact it is good news that Bitstamp is gathering KYC info on their customers.

[picolo]

i recently processed a transaction with bitstamp only to get the following support message:

We have received your withdrawal request and instructed our payment department to further process it.

However, 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? Please describe in as much detail as possible how you intend to use your trading account.
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. What are your future plans and activities planned on our exchange?
5. Do you plan more withdrawals in the future?
6. Which bank do you indent to use? Please provide the complete address and SWIFT code.
7. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?

If you have any questions in the meantime, please feel free to ask.

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

Do you feel too pressure by the questions? They are trying to protect themselves.

[gentlemand]

Lots of others have been asked the same questions. I think they've even asked for tax details as well. There's protecting yourself and then there's taking the utter piss.

[tee-rex]

i recently processed a transaction with bitstamp only to get the following support message:

We have received your withdrawal request and instructed our payment department to further process it.

However, 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? Please describe in as much detail as possible how you intend to use your trading account.
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. What are your future plans and activities planned on our exchange?
5. Do you plan more withdrawals in the future?
6. Which bank do you indent to use? Please provide the complete address and SWIFT code.
7. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?

If you have any questions in the meantime, please feel free to ask.

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

#6 seems to be the whole point of this KYC your ass questionnaire. "Indent" made me laugh, though.

[dozerz]

thanks, have since found all the threads on this.

as fyi they transaction was processed after answering the questions.

[achetepourvous]

Hello,


Also I have just had the questionnaire whereas that made more one year that I am on their premises, but I never asked withdrawals in FIAT, only for withdrawals in bitcoin.

I make transfers of my 2 French bank accounts towards the bank of bistamps, and after I withdraw the bitcoins on my different addresses bitcoin, I resell the bitcoins on other platform of exchange, I make arbitration or speculation or sale purchase and here what sent to me like questionnaire.

Did I already provide my passport of high-resolution, my raised banking identities, why they still want this information?

If you can help me to answer the questions thank you.


==============

xxxxxx xxxxxx
23.2.2015 10:03:09
Dear xxxxxx,

We received your deposit transfer and have instructed our payment department to further process it. You will receive an e-mail notification as soon as the funds are added to your Bitstamp account.

However, as your deposit meets some of our volume and frequency thresholds, we kindly ask you to please help us better understand the nature of your relationship with Bitstamp. In order to do so, we are starting this additional KYC (know your customer) procedure which we must successfully complete before we are able to further process any of your future transfers.

We kindly ask you to send us a high resolution double page image of your international passport and answer the following KYC questionnaire:

1. How did you learn about Bitcoin?
2. What is the purpose of your trading on Bitstamp? Please describe in as much detail as possible how you intend to use your trading account.
3. Which banks do you intend to use? Please provide the complete addresses and SWIFT codes.
4. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?
5. What type of trading will you conduct? Buying/selling/both? Estimated trade volume per month?
6. What are your future plans and activities planned on our exchange?

If you have any questions in the meantime, please feel free to ask.

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

Best regards,
xxxxxx xxxxxx

[WhatTheGox]

Just move out of their exchange if it bothers you, their volume is going way down hill.  Time to up your game bitstamp.

[bigkahuna]

Definitely not the sort of customer service one would expect from an exchange! Especially since there are so many to choose from.

It looks like they are picking and choosing who to serve?

[rokkyroad]

So if I understand this properly; bitstamp is asking these questions for deposits and withdrawals in either bitcoin or fiat? And this is with already verified accounts? What kind of amounts are we talking about? Over three grand ... over 10 grand?

I would be very unhappy to have my funds held hostage till I jump their hoops, particularly if I'm already verified. I guess if you are dealing with 10s of thousands of dollars red flags could rise.

[achetepourvous]

So if I understand this properly; bitstamp is asking these questions for deposits and withdrawals in either bitcoin or fiat? And this is with already verified accounts? What kind of amounts are we talking about? Over three grand ... over 10 grand?

I would be very unhappy to have my funds held hostage till I jump their hoops, particularly if I'm already verified. I guess if you are dealing with 10s of thousands of dollars red flags could rise.

My account had been already audited for several months, but apparently I made my accounts and I did not even exceed the 7000€ in 7 transfers towards their banks and always starting from my bank account my own name has.

 I make a point of saying that I never left the least centime towards my bank but only the bitcoin which I bought with my own money.

[dozerz]

will plan on trying the kraken as need a sepa withdrawl option, any other exchanges with eu sepa withdrawls?

[dozerz]

thanks, have since found all the threads on this.

as fyi they transaction was processed after answering the questions.

had they blocked the withdrawl, until you answered those questions ,or was it processed otherwise ?

yes it was blocked until i answered the questions, then processed.