{"id":163154,"date":"2021-01-26T11:40:43","date_gmt":"2021-01-26T08:40:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dutch-crypto-exchange-users-bemoan-additional-kyc-requirements\/"},"modified":"2021-01-26T11:40:43","modified_gmt":"2021-01-26T08:40:43","slug":"dutch-crypto-exchange-users-bemoan-additional-kyc-requirements","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dutch-crypto-exchange-users-bemoan-additional-kyc-requirements\/","title":{"rendered":"# Dutch crypto exchange users bemoan additional KYC requirements"},"content":{"rendered":"<p>&#8220;<strong># Dutch crypto exchange users bemoan additional KYC requirements  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvYjA0OTIwOTItMWM0My00NDRmLTg2MTctYzYyYWRlNzRlMDc1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Crypto exchange platform Bitstamp is reportedly demanding additional Know Your Customer compliance steps for Dutch-based users.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/plan_marcus\/status\/1353620320062758914\">According<\/a> to a notice sent to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user \u201cBitcoin Marcus,\u201d \u2014 a Bitstamp user \u2014 the platform says account holders in the Netherlands have until the end of January to provide additional verification documents or risk their accounts being suspended.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Bitstamp?ref_src=twsrc%5Etfw\">@Bitstamp<\/a> has gone even further than the law requires. They now want me to:<br \/>&#8211; show them how much I earn<br \/>&#8211; show them where I got my <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> from<br \/>&#8211; proof of funds<\/p>\n<p>Seriously!! WTF!! And I can\u2019t withdraw and leave so must comply.. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ze4ixNJJyd\">pic.twitter.com\/ze4ixNJJyd<\/a><\/p>\n<p>\u2014 Bitcoin Marcus \u2623\ufe0f\u26a1\ufe0f (@plan_marcus) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/plan_marcus\/status\/1353603559892377600?ref_src=twsrc%5Etfw\">January 25, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>As part of the additional KYC protocols, users must provide information about their net worth, nationality and proof of residence. Other documents demanded by Bitstamp include the source of funds \u2014 both for fiat and crypto.<\/p>\n<p>Indeed, the exchange is reportedly forcing Dutch-based customers to reveal sensitive personal information like their salaries and investment proceeds.<\/p>\n<p>These KYC steps are in addition to an earlier order mandating users to whitelist their third-party withdrawal addresses by providing photographic proof of ownership of those wallets.<\/p>\n<p>Responding to Bitcoin Marcus\u2019s complaints on Twitter, Bitstamp remarked, \u201cUnfortunately, this procedure is required for our users from the Netherlands due to new regulation regarding cryptocurrencies introduced by the Dutch government.\u201d<\/p>\n<p>For Bitcoin Marcus, however, Bitstamp is bending over backward to satisfy Dutch authorities, especially the central bank, adding that only exchanges headquartered in the Netherlands require these additional KYC compliance steps.<\/p>\n<p>Commenting on customer complaints regarding the KYC policies, Bitstamp chief <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> officer David Osojnik told Cointelegraph:<\/p>\n<blockquote><p>&#8220;The solution we\u2019ve implemented for verifying crypto withdrawal addresses is extremely straightforward and as unobtrusive as possible, while still satisfying the requirements set by the Dutch authorities. We do, however, realize that this situation may inconvenience our customers and encourage you to  contact your local representatives or the DNB regarding the matter.&#8221;<\/p><\/blockquote>\n<p>Dutch authorities issued new requirements for crypto exchanges back in 2019 with the measures coming into effect in November 2020. As previously reported by Cointelegraph, Bitonic, a crypto exchange in the Netherlands,\u00a0described the new measures as \u201ca nuisance.\u201d<\/p>\n<p>Requiring users to hand over personal and financial information may also pose a security risk. Centralized databases holding such sensitive data are usually a target for cybercriminals.<\/p>\n<p>Exchanges and other crypto businesses have fallen victim to malicious cyber-incursions exposing user data. Hardware wallet maker Ledger is a prime example with almost 300,000 users having their details compromised by hackers.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitstamp-crypto-exchange-users-bemoan-additional-kyc-requirements\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Dutch crypto exchange users bemoan additional KYC requirements &#8221; Crypto exchange platform Bitstamp is reportedly demanding additional Know Your Customer compliance steps for Dutch-based users. According to a notice sent to Twitter user \u201cBitcoin Marcus,\u201d \u2014 a Bitstamp user \u2014 the platform says account holders in the Netherlands have until the end of January&#8230;<\/p>\n","protected":false},"author":1,"featured_media":163155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvYjA0OTIwOTItMWM0My00NDRmLTg2MTctYzYyYWRlNzRlMDc1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75944,74860,75141,18776,70934],"class_list":["post-163154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitstamp","tag-cryptocurrency-exchange","tag-kyc","tag-netherlands","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/163154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=163154"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/163154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/163155"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=163154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=163154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=163154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}