The Bitstamp exchange platform had already strongly tightened its KYC measures a few weeks ago. And she persists and signs, since she now asks for personal information like the income of her users, or the origin of their cryptocurrencies. Unheard of, which shows that governments do not intend to let cryptocurrencies exist on their side.
Bitstamp further tightens its identity checks
The first part of these new verification s identity had much attention and angered Bitstamp users in mid-month. The company then asked investors to take a photo of the wallet or exchange account receiving funds withdrawn from the platform. Many had found the measure invasive, and of little use in terms of the fight against money laundering and the financing of terrorism.
Bitstamp was however forced to do so by new regulations put in place by the Dutch government recently. This is why these new measures have surprised: they will go even further than what the law requires , according to some commentators.
It was again user Marcus Bitcoin who reported this change, with a copy of the email sent to Dutch Bitstamp users. The document encourages them to carry out identity checks:
“Today Bitstamp has gone even further than what the law requires. They now want me to show them how much I earn, where I got Bitcoin, and proof that I hold the funds. WTF! And I can not withdraw my funds otherwise I am therefore forced to accept. “
Pay slips and origin of cryptocurrencies received
The exchange details the new documents that are expected. Users must prove where the funds they use on the platform come from, by submitting a payslip, proof of sale, or even a certificate of credit contracted with a bank.
When it comes to cryptocurrencies, the exchange is naturally more vague, but Bitstamp still asks for “ a relevant and up-to-date document that shows the origin of your crypto-assets.“ » Users are also encouraged to update their proof of address so that it is less than three months old.
The drift of Bitstamp and Dutch exchanges
In the document, Bitstamp specifies that these new identity and credit checks are made under new “ regulatory measures“ . Bitstamp customer service also responded to the publication, explaining that until January 31, it is still possible to withdraw funds … As long as you take a picture of the wallet or the withdrawal address , of course.
That said, it is unlikely that Bitstamp on its own decided to beef up its identity verification procedures, by alienating some of its users in the process. It is therefore possible that the tightening of these rules comes from the country’s central bank . This was already the case for withdrawals, as Bitstamp technical director David Osojnik explained to our colleagues at The Block :
„The changes we have implemented in our processes of e withdrawal for our customers in the Netherlands are a response to rules stipulated by De Nederlandsche Bank [the central bank], we are obliged to follow if we want to continue to practice in the country. „