Media: Bitstamp asked customers for details of the origin of crypto assets

The cryptocurrency exchange imposes new measures to comply with the regulatory requirements

16.04.2022 - 08:45

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2 min

What’s new? The Bitstamp cryptocurrency exchange has started asking its customers for the source of the assets they store on the platform. The exchange informed users of the current policy upgrades on the platform by sending out notifications. Bitstamp imposes new measures to comply with the regulatory requirements. This is reported by Cointelegraph.

Cointelegraph’s material

What does the notification say? The exchange has provided examples of documents that can confirm the source of deposited funds related to fiat money. These include salary and pension payslips, inheritance documents, mining receipts, and others. Sources associated with cryptocurrency savings need to provide proof of deposits and withdrawals of digital assets, work contracts, screenshots, and hand-written agreements.

What other information should be provided? In addition, Bitstamp now requires its customers to provide legal information such as nationality, place of birth, and tax residency. The exchange has also requested information on annual income, net worth, and annual deposit estimation. Clients who provided all documents were promised a $25 reward by Bitstamp. According to social media reports, Bitstamp has disabled the withdrawal of all cryptocurrencies and fiat for customers from Europe who have not updated their account information.

What is known about Bitstamp? It is a cryptocurrency exchange based in Luxembourg. It was founded by Damijan Merlak and Nejc Kodrič in 2011. Early last year, Bitstamp introduced additional KYC procedures for customers from the Netherlands. The platform banned Dutch users from withdrawing crypto assets to third-party addresses without prior verification confirming the wallets’ ownership.

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