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RE: BREAKING: Bitstamp Bitcoin Exchange Increases AML (Anti Money Laundering) Policy by Asking Customers More Detailed Questions

in #bitcoin7 years ago (edited)

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 :)

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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.