Account Termination Notice

[ad_1]

I started using Bitstamp about eight years ago. I never had any issues with their know your customer procedures. I am a legitimate user.

​

My ordeal started in February when I deposited a significant amount of money into my account. I got an email from Bitstamp. From the way it was worded, I thought it was just another routine check.

​

>You need to check if the information regarding your finances, trading and activity you provided us is still accurate.
>
>Please follow the link below to review the information and update anything that may have changed.
>
>If you don’t complete the review by March, we may have to temporarily disable withdrawals from your account.

​

I did exactly what I was told to do in the email. To my dismay, they contacted me via a ticket to extract more information from me. They wanted me to upload additional documents to prove my wealth. After a month of going back and forth with them, it was finally made known to me that I had to account for every dollar that was deposited into my account.

​

Why did they not specifically ask me to do that from the very start if that was what they wanted all along? Why did they beat around the bush and ask me for documents that would not help my case at all? Why were their replies getting slower and slower? By the time I realized what I had to do, I got another email from Bitstamp.

​

>We have temporarily suspended deposits and withdrawals because you still haven’t reviewed your financial, trading and activity information.
>
>Please follow the link below to review your information and update anything that may have changed. Withdrawals will be re-enabled once you complete the review.
>
>If you don’t complete the review by April, we may have to disable additional features, including trading and deposits to your account.

​

Can you imagine getting this email while waiting for them to complete the review? I was shocked. It does not make any sense. I am not the one taking my own sweet time to complete the review. How could they set a deadline for me to complete the review when I have no discretion over it?

​

At that point, I still had some faith in Bitstamp. I was calling my lawyer and bank manager to retrieve documents that would get me over this hump. To cut a long story short, when I finally gave them the final piece of the puzzle, I never heard anything constructive from them again.

​

Their rate of response slowed to a crawl. They would only reply every week or so. They just kept telling me they were still reviewing the document and would get back to me as soon as possible. This went on for about two months until they dropped the bomb on me a few days ago without any warning.

​

>After careful consideration, Bitstamp decided to terminate Your access to Your Account in accordance with our Terms of Use. Your account will be terminated from the date of this notice having been received by you. This notice shall be treated as having been served upon completion of the transmission of this email.
>
>The decision to terminate your Account has been reached following a close examination of your recent account activity and information which you have provided. It is our view that any continuation of our relationship would not be appropriate at this time due to internal policies.
>
>Your account balance will be returned to the bank account of origin, costs withheld.
>
>Cryptocurrencies will be transferred only after conversion into a currency using our spot exchange rate, costs withheld.
>
>Bitstamp will send You the credit balance of Your account, minus the costs (please see our Fee Schedule: [https://www.bitstamp.net/fee-schedule/](https://www.bitstamp.net/fee-schedule/)). However, a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will use reasonable efforts to ensure that such charges are disclosed to You prior to sending Your payment, however where they cannot be avoided, You acknowledge that these charges cannot always be calculated in advance, and that you agree to be responsible for such charges.
>
>For more information, see our Terms of Use: [https://www.bitstamp.net/terms-of-use/](https://www.bitstamp.net/terms-of-use/)

​

What is going on with Bitstamp? Why are they trying to shoot themselves in the foot? What is the point of terminating my account that they have already frozen? Is this one of their elaborate ploys to exploit my assets? Are they trying to do the unthinkable?

​

I have been screwed by Bitstamp for six months and counting. I believe there are a lot of people out there facing the same predicament as me. I hope that this post can in some way help all of us achieve a positive outcome from Bitstamp.

​

I will keep everyone posted on how the situation unfolds.

[ad_2]