BREAKING: Bitstamp Bitcoin Exchange Increases AML (Anti Money Laundering) Policy by Asking Customers More Detailed Questions
Bitstamp is one of Europe’s largest bitcoin exchanges, and has made some big changes as well. It's now asking more detailed questions for the purpose and origins of funds moved to the Bitstamp customer accounts.
This is not unexpected really seeing such exchanges escalate their AML policy since the banking system needs their partners to maintain complete checks on all customers before handling their monies in a transaction.
Bitstamp is like most other exchanges asking AML-related questions of customers. Not providing a decent answer will result in deposits getting returned, though.
Bitcoin/ Crypto companies need to properly screen the nature of all funds coming and going funds on their platform. Generally though, members of the Crypto / Bitcoin community do not appreciate as a rule, such privacy related questions. Time will tell if this will have a negative impact on Bitstamp‘s European status in Europe.
Examples of Questioning by Bitstamp / Exchanges:
-Current occupation of the user.
-Identify the purpose of the customer's exchange account.
-The funds' source transferring to the account. Documentation will of course help in this area.
-Bitstamp also trying to uncover the destination and purpose of bitcoin / crypto transactions which further erodes crypto privacy beyond the issues that exist already.
Bitstamp seems satisfied with most (brief) answers, at least for the time being as long as basic / reasonable explanations are given. The AML policies are strict and exchanges need to stick to that or their license will be yanked.
Thanks for reading, have a nice day.
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Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
Bitstamp is one of Europe’s largest bitcoin exchanges, and has made some big changes as well. It's now asking more detailed questions for the purpose and origins of funds moved to the Bitstamp customer accounts.
This is not unexpected really seeing such exchanges escalate their AML policy since the banking system needs their partners to maintain complete checks on all customers before handling their monies in a transaction.
Bitstamp is like most other exchanges asking AML-related questions of customers. Not providing a decent answer will result in deposits getting returned, though.
Bitcoin/ Crypto companies need to properly screen the nature of all funds coming and going funds on their platform. Generally though, members of the Crypto / Bitcoin community do not appreciate as a rule, such privacy related questions. Time will tell if this will have a negative impact on Bitstamp‘s European status in Europe.
Examples of Questioning by Bitstamp / Exchanges:
-Current occupation of the user.
-Identify the purpose of the customer's exchange account.
-The funds' source transferring to the account. Documentation will of course help in this area.
-Bitstamp also trying to uncover the destination and purpose of bitcoin / crypto transactions which further erodes crypto privacy beyond the issues that exist already.
Bitstamp seems satisfied with most (brief) answers, at least for the time being as long as basic / reasonable explanations are given. The AML policies are strict and exchanges need to stick to that or their license will be yanked.
Thanks for reading, have a nice day.
Source
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Expanse (EXP) - 0x819b9cce8630ab638198eabfd7496786c20d629a
Monero (XMR) - d8ecb02c09f70ec10504b59b96bc1f488af28b05933893dfd1f55b113e23fbff
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
Synereo (AMP) - 1KnrL6wFHaT4gjJ2YJ5f6WmKTDJNsaBS8s
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Expanse (EXP) - 0x819b9cce8630ab638198eabfd7496786c20d629a
Monero (XMR) - d8ecb02c09f70ec10504b59b96bc1f488af28b05933893dfd1f55b113e23fbff
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
Synereo (AMP) - 1KnrL6wFHaT4gjJ2YJ5f6WmKTDJNsaBS8s
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
I haven't even resumed business with them yet -- as in I have not even sent them bitcoin or cash -- and they are still continually asking me, "so how much is your first deposit? show us documents right now where your money is coming from? Give us all of the bitcoin addresses that you use? Explain the source of your funds?"
I understand the job that they have to do, but it wasn't giving me confidence that I'd be able to sign up with them quickly to get in before a price rise. Luckily I was also signing up with another exchange (with a similar, relatively-low price point). When you're buying a significant amount of Bitcoin, volume and lower prices can save you enough cash to go on a nice vacation. Anyhoo, the onboard process was quicker, rather than 16 back-and-forth emails--all of which I answered completely to my availability. Bitstamp was just starting to sound too much of "compliance as you go", and clearly not what they ask everyone. Apparently, I'm a big threat to their business. So anyhoo, I got in before the recent past 2 day price increase, and I am happy :)
That is a really good, fulsome reply!! I sent this to people directly today who actually buy crypto in bulk to carry on the conversation with them, as I value them.
Where the police state and lack of real Liberty exists, the free market will find measured responses if you ask me.
it reminds me when someone have tryed to withdraw his btc from coinbase to a dice site, and his funds blocked !
Indeed.
Who needs Liberty right?
100% correct! heh
(:
Use localbitcoins.com
Always an option.
Reminded of lyrics from an old song: "The large print giveth, and the small print taketh away." Seems like we find ways to gain an inch of freedom and independence, and moments later there are new "laws" taking it back away from us... what are The Powers That Be so damn afraid of?
it is all tied to the globalist agenda. Less awake people, with less freedumbs, = less problems for the elite puppet masters.
RIP Bitstamp...maybe this is it's future.
Sort of LOL, sort of true!!!
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Thanks