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.