Topic: KYC with Bitstamp! - page 2. (Read 3619 times)

Yep. There is no good reason for any of this. Never come across it before with any kind of online account I have ever held. They have my passport scan, proof of home address and the bank account I am paying out to is the same one I have paid thousands in from. There should be no problems with this but it seems that with Bitstamp, there is for some reason.

Hello.

I am having a similar problem with Bitstamp. I was always wary of these exchanges and tended to stay away from them. After researching Bitstamp, I decided to give it a try. Buying and selling bitcoins was easy, the website loaded fast and support verified my account quite quickly. My first withdrawal for dollars(4digits), was processed quickly and I had funds within 5 days(international). So I decided to try a bit larger amount on March 16th. and support has messaged me with those exact questions. I answered all of them honestly, but they asked for some type of supporting financial document? I have never been asked for this by any traditional brokerage, nor bank. I am sure they are just trying to play it safe, but Mt. Gox also used a facade of AML/KYC compliance as an illusion to portray legitimacy. I have also asked them under what financial supervisory board/agency are they currently regulated under in UK or EU to collect this type of information. They said it was "internal procedures." I am a verified user with Bitstamp having both my passport and a copy of my bank statement, which I have used to withdraw.

My last contact with bitstamp support has been about 24hrs. I am sure they will take care of this as these small shops are usually swarmed with support requests. I have asked bitstamp to cancel my request, so I can simply withdraw via BTC and close my account. I am simply not going to put up with this type of nonsense out of a company that is not registered with any regulatory agency, yet is pretending to be at the forefront of regulation. We've seen this before.

I think what is most disturbing about these exchanges is how quick they are to accept deposits, but when it comes to withdraw suddenly there are all sorts of "compliance." Yet, no laws are ever cited by them. Why do they not ask this questionnaire during the account opening procedure? That is standard practice at most legitimate financial institutions when opening accounts.

Does bitstamp have anyone on this forum to PM to speed things up?

2 days later. Still nothing. My request needs to be further processed apparently. (I never provided them with documentary evidence of where I got my money from, that is none of these fkn jokers' business)

Bottom line is that I am paying out into the same bank account as I used to put funds into Bitstamp in the first place. They have all my personal details, passport, utility bills etc, So what here is the problem at their end? This is worse hassles than I would get with any bank.

I say there is a policy of delaying tactics at Bitstamp when any largish sum of money is involved. Isn't this not how Gox started off? Delaying, restricting, suspending currency withdrawals, shortly before admitting they were bankrupt?

Their questions are really stupid and make no sense. AML/KYC is good, but they have gone too far. Take out all your funds then find another exchange.

Just send them this thread. They are business, not FBI.

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