Bitstamp asks users to update the source of their crypto, citing regulatory compliance
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 the platform, with the exchange seeking additional info about its clients, one Bitstamp user told Cointelegraph.
The email reads:
Bitstamp specifically requested users to update the origin of cryptocurrencies stored on the platform for regulation purposes.
The exchange provided 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.
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.
Prior to sending the latest notice, Bitstamp reached out to its users on March 30, promising rewards for providing more account info:
Those who haven’t 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 social media 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.
The exchange now reportedly asks users
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