Looking at this subreddit, a large percentage of posts are from people who had their account frozen or withdrawals blocked because Bitstamp raised KYC/AML flags, and many of them are claiming they provided all the requested documents but have been waiting for weeks or months.

This makes me wary of using Bitstamp as I don’t want to end-up in this situation (I have no issue with KYC/AML as such, what concerns me is that people are claiming their assets are all legit and they are fully complying with documentation requests from Bitstamp, but then things are not moving on Bitstamp’s side and there is nothing they can do).

Is the subreddit representative of a significant risk to end-up in this situation, or do people think those are very isolated cases?


4 Comments

  1. pedallingaway on 9. July 2023 at 14:40

    Always makes me wonder if these people are actually fully complying with everything or is it that maybe they have some shady things going on.

     


  2. Bitstamp-Lucas on 9. July 2023 at 14:40

    Hi!

    Our KYC procedures are in line with our AML policy (https://www.bitstamp.net/aml-policy/). As you might be aware, cryptocurrency exchanges are considered obliged entities under the 5th AML Directive and thus subjected to the same obligations as financial and credit institutions. In accordance with the relevant legislation, we need to perform regular monitoring activities and complete additional KYC procedures to be able to provide certain services.

    I hope you can understand that. If you have any more specific questions, I’ll try my best to answer them. You can also always ping me on chat, send an email to our support at [bitstamp@support.net](mailto:bitstamp@support.net) or call us on any of the numbers stated on our website.

    I would also suggest you read the Terms of Use you accepted when creating your Bitstamp account as you might find some useful info there 🙂

     


  3. kumawewe on 9. July 2023 at 14:40

    I have been a customer of Bitstamp for about 7 years, always been compliant!! Now randomly out if nowhere I am being asked to provide bank statements from Pre 2016, I don’t even know if that is possible now, u would have provided this information back them but this seems a little insane. The deposits were always from my bank account. I understand if I filled it up with BTC and started trading and sold loads and pulled out of the exchange that would be different. The part that scares me is that if my account gets shut down, sure I can register somewhere else but then the same questions arise…? Where did this Crypto come from?

     


  4. no__time on 9. July 2023 at 14:40

    Freeze your account under false pretenses. Sell your coins behind your back. Use customer support to buy time. Wait for the price to drop to a desirable level. Terminate your account to clean the books. Return your money at the current spot exchange rate. Pocket the difference. This is how bitstamp legally steals money from its customers during a bear market. I would not advise anyone to use this exchange.