Bitstamp: Unverified Bitcoin Accounts at Risk as Deadline Looms
Bitstamp, one of the largest exchanges in the world that deals with US dollars, is taking the customer ID verification requirement very seriously and has warned its users to complete the process or face potential seizure of their assets by the US government. Slovenia-based BitStamp has notified certain users that if they fail to verify their accounts within the next 28 days they were at risk of having funds seized by US regulatory authorities and additional penalties were also applicable as well. The October 16 announcement reads: The company acknowledged that many of their customers will....
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Customers who do not verify their Bitstamp accounts by November 13 could have their funds seized by regulatory authorities. On Monday, bitcoin exchange Bitstamp issued a reminder to customers that they have three days to verify their accounts. Following that deadline, the company will close the accounts, and government regulatory agencies can seize any remaining funds. Also Read: Bitstamp Provides Proof Of Bitcoin Solvency As First Step Towards A Real Financial Audit. Unverified Bitstamp Accounts Have Three Days to Comply. Nearly four weeks ago, Bitstamp announced customers had until....
In a news bit posted by European Bitcoin exchange Bitstamp earlier today, the once-largest Bitcoin exchange promulgated their FINAL NOTICE TO UNVERIFIED ACCOUNT HOLDERS. Some thirteen months ago, Bitstamp updated its Verification Policy to require verification in order to have access to bitcoin and bank transfers. It seems that despite a years time, there are still unverified accounts with positive balances of fiat or bitcoin belonging to individuals or organizations that have, for one reason or another, chosen not to undergo Bitstamp's especially secure (read: stringent) AML/KYC....
Bitstamp users are being warned that if their accounts are unverified, they won't be active for much longer. The exchange took to their news page recently to remind users of a change in the company's Verification Policy that took effect on the 4th of September, 2013 in which accounts that are not verified violate Bitstamp's AML/KYC (anti-money laundering/know-your-customer) policies. "Bitstamp cannot allow unverified accounts to trade or offer any other services, as doing so would violate our AML and KYC policies," the company writes. Users will have a total of 28 days in order to get....
Bitstamp announced today that select users who fail to verify their accounts within the next 28 days risk having their balances forfeited to regulatory authorities. One of the largest bitcoin exchanges in terms of daily USD trading volume, Bitstamp stated that all users who fail to go through its account verification process will be deemed to have violated its terms of services and be subject to the related penalties. In statements to the press, the company acknowledged that while some customers will complain about the decision or take their business elsewhere, the move is necessary given....
First Global Credit’s CEO Gavin Smith comments on digital currency exchange Bitstamp’s policy change and the issue of anonymity in the digital currency markets. This week Bitcoin Exchange, Bitstamp, fulfilled a promised policy change of handing over to the authorities all details of all the unverified accounts on their system. Further those unverified accounts would be subject to seizure of assets. The company had pre-warned its customers in September 2013 and had gone through a 13 month program of informing them of the pending change. However, despite this action the digital currency....