{"id":432152,"date":"2022-04-15T16:09:37","date_gmt":"2022-04-15T13:09:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitstamp-asks-users-to-update-the-source-of-their-crypto-citing-regulatory-compliance\/"},"modified":"2022-04-15T16:09:37","modified_gmt":"2022-04-15T13:09:37","slug":"bitstamp-asks-users-to-update-the-source-of-their-crypto-citing-regulatory-compliance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitstamp-asks-users-to-update-the-source-of-their-crypto-citing-regulatory-compliance\/","title":{"rendered":"# Bitstamp asks users to update the source of their crypto, citing regulatory compliance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a66874204\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a66874204\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitstamp-asks-users-to-update-the-source-of-their-crypto-citing-regulatory-compliance\/#%E2%80%9D_Bitstamp_asks_users_to_update_the_source_of_their_crypto_citing_regulatory_compliance_%E2%80%9C\" >&#8221; Bitstamp asks users to update the source of their crypto, citing regulatory compliance &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitstamp_asks_users_to_update_the_source_of_their_crypto_citing_regulatory_compliance_%E2%80%9C\"><\/span>&#8221; Bitstamp asks users to update the source of their crypto, citing regulatory compliance &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Major global cryptocurrency exchange Bitstamp continues increasing compliance efforts by requesting its users to provide more data like their source of wealth.<\/p>\n<p>In an email notification to users on Wednesday, Bitstamp informed its customers about the ongoing policy upgrades on the platform, with the exchange seeking additional info about its clients, one Bitstamp user told Cointelegraph.<\/p>\n<p>The email reads:<\/p>\n<blockquote><p>\u201cWe work closely with our regulatory partners to ensure we continue to be your trusted exchange. Towards this, we need your account information to be updated, to provide you with the latest products and crypto assets.\u201d<\/p><\/blockquote>\n<p>Bitstamp specifically requested users to update the origin of cryptocurrencies stored on the platform for regulation purposes.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/7e4fdef9-4617-4bff-993f-3ad873dd5894.png\"><figcaption style=\"text-align: center;\"><em>Info required by Bitstamp. Source: Bitstamp<\/em><\/figcaption><\/figure>\n<p>The exchange <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bitstamp.net\/faq\/what-kind-of-documents-can-i-send-to-clarify-my-source-of-wealth-of-deposited-funds\/\">provided<\/a> an official list of examples of documents clarifying fiat-related sources of wealth of deposited funds, including salary and pension payslips, inheritance documents, payslips for savings, gifts, mining receipts and others. Crypto-related sources include fiat and crypto deposits and withdrawals, login info, work contracts, screenshots, hand-written agreements and others.<\/p>\n<p>The exchange now also requires its customers to provide some legal info like nationality, place of birth and tax residency. Additionally, the exchange requested info like the annual income and net worth, intended activities on the platform, annual deposit estimation as well as the source of assets.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/f0e9548c-6b48-4d41-b3d0-5148f54dec39.png\"><figcaption style=\"text-align: center;\"><em>Info and documents required by Bitstamp. Source: Bitstamp<\/em><\/figcaption><\/figure>\n<p>Prior to sending the latest notice, Bitstamp reached out to its users on March 30, promising rewards for providing more account info:<\/p>\n<blockquote><p>\u201cIf you want to keep on using our services, you\u2019ll need to update your account as some information is out of date. As a \u2018Thank You!\u2019 we will reward you with a $25 bonus once you have completed your account info.\u201d<\/p><\/blockquote>\n<p>Those who haven\u2019t updated the account have not only missed the bonus but are also n at risk of not being able to withdraw their funds from Bitstamp at all. According to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> reports, Bitstamp has eventually disabled all cryptocurrency and fiat withdrawals for its European customers who have not proved the origin of their crypto on the platform.<\/p>\n<p>The exchange now reportedly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/Bitstamp\/comments\/u314cb\/bitstamp_disabled_all_crypto_and_fiat_withdrawals\/\">asks<\/a> users to provide documents of where they got the crypto that they deposited on Bitstamp, which only <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lies to cryptocurrencies bought at external exchanges.<\/p>\n<p>The community has expressed outrage about the policy changes at Bitstamp, with people complaining about Bitstamp not giving them time to withdraw their crypto before announcing the new rules. \u201cYou just can&#8217;t provide new rules when people have already deposited their crypto. If you want to change the rules of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>, you have at least given them a deadline before,\u201d one Redditor <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/Bitstamp\/comments\/u314cb\/comment\/i4oefhb\/?utm_source=share&amp;utm_medium=web2x&amp;context=3\">wrote<\/a>.<\/p>\n<p>\u201cWe understand that not everyone is comfortable with providing so much information and we especially understand it is very inconvenient. However, please understand that we have to meet the demands of our regulators if we want to keep providing you with our services,\u201d a Reddit user named \u201cLucas from Bitstamp\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/Bitstamp\/comments\/u314cb\/bitstamp_disabled_all_crypto_and_fiat_withdrawals\/\">wrote<\/a> in the thread.<\/p>\n<p>Bitstamp did not immediately respond to Cointelegraph\u2019s request for comment. This article will be updated pending new information.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto industry fires back after EU vote to block \u2018unhosted\u2019 wallets<\/em><\/strong><\/p>\n<p>The latest restrictions on Bitstamp are not the first time when the exchange adopted Know Your Customer (KYC) measures. The firm previously adopted somewhat strict policies for withdrawals by its Netherlands-based users, banning withdrawals to external wallets\u00a0from unverified addresses.<\/p>\n<p>As previously reported, the European regulators were seeking to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.europarl.europa.eu\/doceo\/document\/CJ12-PR-704888_EN.pdf\">amend<\/a> the European Union\u2019s Transfer of Funds Regulation in late March, proposing to report all crypto transfers above 1,000 euros ($1,086) to relevant authorities.<\/p>\n<p><em>Additional reporting by\u00a0Tom Farren.<\/em><\/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-asks-users-to-update-the-source-of-their-crypto-citing-regulatory-compliance\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitstamp asks users to update the source of their crypto, citing regulatory compliance &#8220; Major global cryptocurrency exchange Bitstamp continues increasing compliance efforts by requesting its users to provide more data like their source of wealth. In an email notification to users on Wednesday, Bitstamp informed its customers about the ongoing policy upgrades on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":432153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvOTkyNWRkMzMtMTFlOC00ZWViLThiNDMtOGE1NTM3YmU3ZmI0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74859,75944,74863,74860,75141,117,70934],"class_list":["post-432152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-aml","tag-bitstamp","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-kyc","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/432152","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=432152"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/432152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/432153"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=432152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=432152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=432152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}