Bitstamp Is Trying to Swallow My $28,732.67

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I’ve been a Bitstamp user since 2017. On February 26. 2024, just like before, I transferred $28,732.67 through my bank to Bitstamp. However, Bitstamp decided to hold this amount in limbo, citing KYC procedures as the reason and not crediting it to my account. I immediately requested a return of the funds, but was met with a response to wait until the KYC was completed. By March 8, following the KYC outcome, my account was suspended, and Bitstamp said they would return the $28,732.67 to the bank account I had sent it from. The twist? My bank refused to process this deposit because it came from a cryptocurrency exchange, deeming it potentially related to money laundering, and sent it back.

Bitstamp then suggested that if I provided another account, they could try sending the money there. Yet, every bank I’ve contacted refuses to process the deposit, fearing money laundering implications. If Bitstamp had immediately returned the funds when received, my bank would have recognized the transaction as a return and credited it to my account (I’ve seen this happen before, as I’ve been trading since 2017). But Bitstamp’s delay under the guise of the KYC process has made it impossible for my bank to recognize the returned funds as mine.

The best solution seems to be allowing me temporary access to my Bitstamp account to convert the amount into cryptocurrency and withdraw it. However, Bitstamp states they cannot do this, insisting on bank transfers only. Meanwhile, the banks refuse to process such transactions. Am I doomed to never recover this money? Bitstamp’s inflexibility and the banking system’s stringent policies have left me in a financial limbo. Is there any way out of this Catch-22?

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