As a new player in this field I am troubled by the information needed to deal with a exchange and the fees that are associated with it.
The problem is the greed of the exchanges,its the only reason this is being passed on by all of them. If they said no dice and new exchanges kept popping up people
would get it. It would hurt short term but eventually it would win.
Reason I was interested in Bitcoin is it was going to screw the banks and their ever more tightening grip on our finances. What the hell do we have if this kind of B.S is allowed?
JMO
Topic: KYC with Bitstamp! (Read 3610 times)
They did this to me and it took 6 months to get my funds out
WTF is this!?
Cheeky fucking bastards, seriously, this has just put me right off that fkn place.
"Dear Matthew,
We received your withdrawal request. As it met some of our volume and frequency thresholds 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 so far 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.
7. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?
8. What is the source of the funds which you have so far deposited to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.
We kindly ask you to submit your answers and documents in a reply to this ticket. "
Best regards,
Blaž Šteblaj
Cheeky fucking bastards, seriously, this has just put me right off that fkn place.
"Dear Matthew,
We received your withdrawal request. As it met some of our volume and frequency thresholds 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 so far 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.
7. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?
8. What is the source of the funds which you have so far deposited to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.
We kindly ask you to submit your answers and documents in a reply to this ticket. "
Best regards,
Blaž Šteblaj
They are fucking up their own business this way. As of yet there are not many good competitors. But by the end of 2015 we'll get a lot of good ones and then all this fucktards be thrown at dustbin... similar to Mt. Gox.
I suggest to anyone from Bitstamp on this forum to put out a statement explaining why they are asking all these questions suddenly. It will seriously deter new customers I am sure. Does anyone know a Bitstamp member on this forum? Or any other way to contact them besides their support mail?
On the other hand, it's a great chance for other new exchanges to get a larger market share thanks to Bitstamp!
On the other hand, it's a great chance for other new exchanges to get a larger market share thanks to Bitstamp!
I have deposited a fairly large sum on bitstamp on 09 MAY but until now it is still not being credited yet, and it is extremely frustrating. They have also send me the same KYC questionaire and I do also think this goes too far. 
I had to give in and provide a pay slip...
But I'll be looking closer at https://justcoin.no/ just in case.
But I'll be looking closer at https://justcoin.no/ just in case.
Eventually when business reaches Bitstamp's scale, they have to deal with KYC policy. And those silly questions hadn't been created by Bitstamp, but by their processing bank or audit company. The question is if its time to switch to the other exchanges that are not as big as Bitstamp but could provide better service?
I guess its because they are based in the US, and the laws are getting stricter, therefore the extra KYC.
I personally use Kraken. Its seems more flexible on the verification process.
Up to 10K usd /month the verification is done solely online.
If you want more than that, then normal ID, proof of residence, etc.
Shame about their prices on the exchange tho... can't have it all...
I personally use Kraken. Its seems more flexible on the verification process.
Up to 10K usd /month the verification is done solely online.
If you want more than that, then normal ID, proof of residence, etc.
Shame about their prices on the exchange tho... can't have it all...
Just got that message from them and provided the basic information, sans any attachments for question 6. That is strictly between myself and Norwegian tax authorities.
Strange that I get this now, after almost year of trading at Bitstamp and after both depositing and withdrawing far larger amounts multiple before.
This time it was just $1600 of deposit that triggered it, and I sent the money a week ago!
Wonder if I should consider moving to https://justcoin.no/
Strange that I get this now, after almost year of trading at Bitstamp and after both depositing and withdrawing far larger amounts multiple before.
This time it was just $1600 of deposit that triggered it, and I sent the money a week ago!Wonder if I should consider moving to https://justcoin.no/
Its called regulation folks, deal with it.
This is the so called regulations that governments want. If companies don't do this the exchanges can be shut down...
http://en.wikipedia.org/wiki/Know_your_customer
This is the so called regulations that governments want. If companies don't do this the exchanges can be shut down...
http://en.wikipedia.org/wiki/Know_your_customer
Same problem here. I tried to withdraw $3500 and those clowns sent retarded questions instead of money. Next MtGox is inevitable.
I am having the same problem with Bitstamp. I have made a sizable deposit which they have confirmed receiving, but will not give me access to it, and have started additional KYC even though I have already handed over personal details such as passport.
OrphanedGland and others, what type of amounts are we talking about here? It would be good to give at least rough amounts that got flagged for additional KYC so that others will know if they are likely to face the same issues when they deposit.
I have this problem too. Unbelievable stuff. I have deposited far more money in Bitstamp than I now try to withdrawal. They should know that after MtGox's funky business, bitcoin community is really sensitive to these kind of withdrawal problems.
You can try to contact them via skype if they have one.
I guess searching it with their official email can give it try
I guess searching it with their official email can give it try
I am having the same problem with Bitstamp. I have made a sizable deposit which they have confirmed receiving, but will not give me access to it, and have started additional KYC even though I have already handed over personal details such as passport.
I have now provided them evidence of where the money came from, although I don't think this should be required. My funds still remain tied up, with support response times of longer than a day to each individual message.
Note that each additional reply made to a support message puts it at the end of the queue, so no proper dialogue with support is possible:
"Please note that if you reply to your own ticket this "bumps down" your ticket as our system is designed to give older tickets priority over the more recent ones.
Best regards,
Tomaž Bertoncelj"
The support team is severely understaffed, and no live chat support is in place.
I have now been waiting 4 days to get access to the funds since they were received by Bitstamp, even though I had already complied with KYC requirements. I disagree with the level of questions asked, and the process should have started at the point the deposit is initiated, not received. It smacks of a site that is simply trying to cover their own asses rather than serve their customers to the level deserved given the amount of money in question.
Let this be a warning to anyone considering using Bitstamp, I will personally be seeking out a more professional site, if one exists.
I have now provided them evidence of where the money came from, although I don't think this should be required. My funds still remain tied up, with support response times of longer than a day to each individual message.
Note that each additional reply made to a support message puts it at the end of the queue, so no proper dialogue with support is possible:
"Please note that if you reply to your own ticket this "bumps down" your ticket as our system is designed to give older tickets priority over the more recent ones.
Best regards,
Tomaž Bertoncelj"
The support team is severely understaffed, and no live chat support is in place.
I have now been waiting 4 days to get access to the funds since they were received by Bitstamp, even though I had already complied with KYC requirements. I disagree with the level of questions asked, and the process should have started at the point the deposit is initiated, not received. It smacks of a site that is simply trying to cover their own asses rather than serve their customers to the level deserved given the amount of money in question.
Let this be a warning to anyone considering using Bitstamp, I will personally be seeking out a more professional site, if one exists.
Just an update.
Bitstamp cancelled my dollar withdrawal request and I was able to withdrawal bitcoins. I am going to end up closing my account with them.
I understand compliance and transparency, but it works both ways. If exchanges are expecting customers to be compliant with government regulations, then they themselves should obtain real licenses and be subject to supervision by the relevant authorities. I am not willing to submit loads of private information to a bucket shop, we've already seen how that ends up. Exchanges should also ask these compliance questions and inform potential customers in clear bold writing during the application process, instead of holding withdrawals hostage later on.
Good luck
I totally agree with this sentiment. Im not saying exchanges should be regulated but if they arent then neither should be the users. Bitstamp cancelled my dollar withdrawal request and I was able to withdrawal bitcoins. I am going to end up closing my account with them.
I understand compliance and transparency, but it works both ways. If exchanges are expecting customers to be compliant with government regulations, then they themselves should obtain real licenses and be subject to supervision by the relevant authorities. I am not willing to submit loads of private information to a bucket shop, we've already seen how that ends up. Exchanges should also ask these compliance questions and inform potential customers in clear bold writing during the application process, instead of holding withdrawals hostage later on.
Good luck
WTF is this!?
Cheeky fucking bastards, seriously, this has just put me right off that fkn place.
"Dear Matthew,
We received your withdrawal request. As it met some of our volume and frequency thresholds 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 so far 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.
7. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?
8. What is the source of the funds which you have so far deposited to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.
We kindly ask you to submit your answers and documents in a reply to this ticket. "
Best regards,
Blaž Šteblaj
Cheeky fucking bastards, seriously, this has just put me right off that fkn place.
"Dear Matthew,
We received your withdrawal request. As it met some of our volume and frequency thresholds 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 so far 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.
7. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?
8. What is the source of the funds which you have so far deposited to your Bitstamp account? Please provide any financial documentation which can confirm how the funds sent to your Bitstamp account were acquired.
We kindly ask you to submit your answers and documents in a reply to this ticket. "
Best regards,
Blaž Šteblaj
This is outrageous! If they do this to me I would close my account next day! What another exchanger/trader would you use for EU?
Withdrawal request confirmed by Bitstamp 72 hours after making request.
Not the horror story I was fearing in the end but they are surely shooting themselves in the foot with these totally unnecessary and senseless measures.....just making people feel nervous about using the place.
Not the horror story I was fearing in the end but they are surely shooting themselves in the foot with these totally unnecessary and senseless measures.....just making people feel nervous about using the place.
Excellent points, drzaius
I concur completely. Arseholes.
I concur completely. Arseholes.
Just an update.
Bitstamp cancelled my dollar withdrawal request and I was able to withdrawal bitcoins. I am going to end up closing my account with them.
I understand compliance and transparency, but it works both ways. If exchanges are expecting customers to be compliant with government regulations, then they themselves should obtain real licenses and be subject to supervision by the relevant authorities. I am not willing to submit loads of private information to a bucket shop, we've already seen how that ends up. Exchanges should also ask these compliance questions and inform potential customers in clear bold writing during the application process, instead of holding withdrawals hostage later on.
Good luck
Bitstamp cancelled my dollar withdrawal request and I was able to withdrawal bitcoins. I am going to end up closing my account with them.
I understand compliance and transparency, but it works both ways. If exchanges are expecting customers to be compliant with government regulations, then they themselves should obtain real licenses and be subject to supervision by the relevant authorities. I am not willing to submit loads of private information to a bucket shop, we've already seen how that ends up. Exchanges should also ask these compliance questions and inform potential customers in clear bold writing during the application process, instead of holding withdrawals hostage later on.
Good luck
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