Bitstamp began demanding documents from users that confirm the origin of the cryptocurrency

Home / Bitstamp began demanding documents from users that confirm the origin of the cryptocurrency

The Bitstamp exchange asked users to explain the origin of cryptocurrencies stored on the exchange.
In particular, Bitstamp has asked for documents that can explain the sources of deposited funds, including payroll and pension payrolls, inheritance documents, savings payrolls, gift information, mining receipts, etc.
The exchange also requires its customers to provide some legal information, such as nationality, place of birth and tax residency. In addition, the exchange has requested information about users’ annual income and equity.

“If you wish to continue using our services, you will need to update your account as some information is out of date. As a “Thank You!” we will reward you with a $25 bonus after you enter your account information,” the company stated.
According to social media reports, users who didn’t update their account not only missed out on the bonus, but risk losing money with Bitstamp.
The exchange has reportedly disabled the withdrawal of all cryptocurrencies and fiat for European customers who have not proven the origin of their digital assets on the platform.
The exchange is also asking users to provide documentation of the origin of cryptocurrency they have deposited on Bitstamp from other exchanges.

The community has expressed outrage at Bitstamp’s policy changes, with people complaining that Bitstamp isn’t giving them time to withdraw their cryptocurrency before the new rules are announced.
“We understand that not everyone is comfortable providing so much information. However, please understand that we have to comply with our regulators’ requirements if we want to continue to provide you with our services,” an exchange representative responded.

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