Bitstamp, a major worldwide cryptocurrency exchange, is collecting more data from its customers, such as their source of income, as part of its ongoing compliance efforts. Users must now disclose information like country, birthplace, and tax domicile, as well as documentation verifying the origin of cryptocurrency and yearly income, to Bitstamp.
Bitstamp requires details for the regulation purpose
Salary and pension payslips, inheritance documents, savings payslips, and other documents were offered by the exchange as examples of documentation confirming fiat-related sources of wealth of deposited money.
In addition, the exchange required information such as yearly income and net worth, expected platform activities, annual deposit projection, and asset source.
Bitstamp gives a bonus to complete the account info
Bitstamp contacted its subscribers, offering $25 in exchange for further account information. Bitstamp has reportedly prohibited all cryptocurrency and fiat withdrawals for its European users who have not proven the provenance of their crypto on the site, according to social media sources.
Users are apparently being asked to show paperwork proving where they obtained the cryptocurrency they placed on Bitstamp, which solely pertains to cryptocurrencies purchased on other exchanges.
People have voiced their dissatisfaction with Bitstamp’s policy changes, claiming that the company did not give customers enough time to remove their cryptocurrency before revealing the new regulations.