Bitstamp Asking For Way Too Much Personal Information!

Bitstamp is one of the most well respected bitcoin / cryptocurrency exchanges out there. They have been a pleasure to work with, until recently. Infringing on a customer’s personal information and possibly violating other country’s privacy laws, all in the name of transparency and compliance, the arm-twisting by Bitstamp has to end.

Learn as to what they are now asking clients to submit, in order to continue having an account with them.


Hello. My name is Faisal Khan. I’m a banking and payment consultant, and today I want to talk to you about a crypto exchange called Bitstamp.

I’ve been a Bitstamp user since 2013. I’ve had an account with them, I’ve traded with them many times, they have my information. I’ve done pay ins and pay outs. You know, they have all the necessary KYC information. Of late I got something that pretty, pretty much pissed me off. They wanted to have a, they said you know, during a regular review we found out that you are a, are you related to such and such a politically exposed person, are you related to this or are you related to that etc etc. And this all happened because I made a transaction in excess of ten thousand dollars or a payout. And that’s when suddenly these KYC things came in, and I replied back I said OK fine you know they wanted the information. I replied back. No issues.

Then they asked me for a police character certificate. This is something that’s not easy to get. But anyways nonetheless despite my protests etc. and despite me telling them that I have never heard of an exchange asking for a police character certificate, I yield it and I gave it, gave it to them. As my pay out numbers got larger, the requirements from Bitstamp got not only absurd, but absolutely bordering on lunacy.

So Bitstamp now wants me to provide all the transactions I ever did and the source of how those transactions came from other exchanges. The source of the money that was involved in other exchanges, the source of the trades I did from which I may have made a profit, from which I may have traded on other exchanges, they want all of that information. They wanted my bank statement, I provided that. Now they want, okay, on your bank statements that we see for the last 6 months, please explain all the transactions that you have. How did you get this money? How, where did you spend that? Why the hell would I want to give that information to Bitstamp. Then they say, oh by the way, if you’ve done any ICAO consulting, if you get paid in crypto we want details of all that. Basically, every transaction that comes into Bitstamp, every transaction that I’ve taken out of Bitstamp, what happened to it, they want to know. And I’ve done, if not thousands, hundreds of transactions, right. And they want to know the genesis point of the transaction and the end point of the transaction which I did some calculations roughly and it would turn out if I spend the next maybe three months trying to do it, I won’t first of all remember everything. But even if I did just to have my account maintained or whatever.

So, if you are considering Bitstamp as an exchange, don’t!

Thumbs down service. They are absolutely assholes when it comes to dealing with customer service. And when you question them, you get the same Villere reply again and again. You may not like my french that I’m using, but I’m absolutely peeved off at them that, you know, being a customer for five years, you get the same creep where no matter what you are.

And here’s the best part. Here’s the best part. I have a colleague, who happens to be not from Pakistan or doesn’t have, who happens to be from a European country etc. and he’s doing the same, almost the same transactions that I’ve done and he’s never been challenged. Never. Never. No police character certificate, no bank statement required. He’s doing pay outs, if not greater than what I do etc. has not been challenged. It is happening on a, let’s say, a geography bias basis. If you are from India, Bangladesh, Pakistan, Nepal, Ghana, Nigeria, Kenya etc. you will be targeted by Bitstamp.

So, Bitstamp is literally thumbs down. I am taking my business elsewhere.

That’s my rant for today. Next time.