Topic: Bitstamp BLOCKs withdrawals to verified users - page 3. (Read 11656 times)

Bitstamp = Mtgox 2.0 . I think they have financial problems which they don't share with their users. Now they come with excuses to delay withdrawals. Do you really think they didn't lose any money during the 'transaction malleability'. Their platform was vulnerable and every other vulnerable service lost some amount. I think they lost a lot but like gox they are trying to hide it.

Don't believe you cannot withdraw BTC due to KYC/AML.

I've been saying here in this thread and around backed by the exchange manager of my bank, that BTC is not money and so it is out of the scope of any financial institutions / kyc / aml. It is free of any financial regulation.

Today even the Federal Bank of the United States said that:

"I think it's important to understand that this is a payment innovation that's taking place entirely outside the banking industry," Yellen told Sen. Joe Manchin, D-WV. "The Federal Reserve simply does not have the authority to supervise or regulate Bitcoin in any way."
http://www.usatoday.com/story/money/business/2014/02/27/yellen-bitcoin-senate-testimony/5872039/


Whoever can't withdraw BTC from Bitstamp or any other exchange is being scammed. And is a red flag for the same situation of Gox.

i'm going on weeks with no response lol

Yes I Saw, but they havent responded to tickets... 4 days passed

How long between the additional KYC questionnaire and the withdrawal actually being processed?

I'm a verified BitStamp user since June 2013.  USD wire withdrawals in the past without issue.  I tried to do a USD withdrawal this month, and received the KYC questionnaire.  I answered all the questions and provided high-res scans of the documents they requested.  It's been about 2 days so far, no response to the support ticket.

took 5 days in my case, few days ago.

for all i know, i withrawed everything from bitstamp and i'm waiting for the developments...

It was about five hours for me back in January. The withdrawal was processed the next day.

I got my withdrawal activated(see the edit note of the first post in the thread).

It took one day for me.

My experience at Bitstamp tells me the following:
1) Everyday, once a day, from Monday to Friday, Bitstamp collects all fiat withdrawals and processes them. So, it is perfectly possible, for example, that you request a withdrawal on Monday at 11:00, and it is not processed until Tuesday 15:00. Fiat withdrawals don't work on weekends.
2) Several bitcoin withdrawals everyday, including weekends.

Cant withdraw bitcoins and I dont know why and they are not responding to tickets? What to do?


 

But is there any serious one with good daily volume?

Are they jocking? I don't either have a passport or an invoice for my mining equipment, and THIS IS NOT THEIR BUSINESS.

I'm out also from stamp now, looking for a serious exchanger

I just came from came from my bank(HSBC) , i had to solve some issues there and then went to the exchange department to ask about KYC/AML. Basically no new information.

The exchanger manager chief told me in a a nice chat, if you are sending money overseas from a financial institution you have an account with:

1) Less then 3 thousand dollars per month  there is absolutely no special requirements.

2) Over 3 thousand dollars they require you to declare the nature of the deposit and a document proving it. I.e. You are a company sending money to your employee in another country, you have to show the emplyee contarct.

3) I showed him on my smartphone the Bitstamp procedure, he told that it was legit KYC/AML when you are sending money but that it is very unusual.

4) If you are just receiving money, there is no KYC/AML. It is up to the sender always.

5) The bank cannot froze your account if you fail on KTC/AML procedures. They will just refuse to send money overseas.

6) Bitcoin is not money, and so it out of the scope of any financial institutions/kyc/aml.

7) He has no idea what Bitstamp may legally be,  but still reincforced number 6 regardless of what they are.

The procedures on number 3, are to know the legal origin of money, if theyalready know ( I.e. you made an investment with them ), it just does make not any sense.

Ok, then maybe those questions are fine and just standard "bank questions".

I didn't see the "submit a receipt or an invoice for your mining equipment". When I was asked those questions they didn't ask for that, the question was just "What is the origin of the deposited Bitcoins?".

If that's real what they are doing, Im not going to use them.
I can understand only question 4 and 6.
It's not their business if I mine, I can tell it, but no way to give " hardware specifications and submit a receipt or an invoice for your mining equipment."

This is getting absolutely grazy. I was about to move my things to Bitstamp including integrate online shops with them. I have already there verified account, but they can now do whatever they want. I will do my business at other places.

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.

Isn't they from Bulgaria ? Well still former Yugoslavia.

Nono sorry btc-e is from Bulgaria. We here don't have any laws about that , in Serbia. So its good place for btc exchange. Also u can bribe anybody to get what u need, sooo....

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.