Bitstamp wants users to reveal the source of their funds following regulatory pressure


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Crypto exchange platform giant Bitstamp has been in the headlines for its continuous compliance efforts. The most recent is its request to users to update their information like their source of wealth.

Bitstamp sent an email notification to its users recently to inform them about the ongoing regulatory policy upgrade on its platform due to which it wants additional information about its customers. As per the reports, the email reads:

“We work closely with our regulatory partners to ensure we continue to be your trusted exchange. Towards this, we need your account information to be updated, to provide you with the latest products and crypto-assets.”

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Bitstamp customers have to reveal so much

Customers must now disclose legal information such as nationality, birthplace, and tax domicile to the exchange. In addition, the exchange asked for information on annual income and net worth, expected platform activities, annual deposit estimation, and asset source.

For regulatory considerations, Bitstamp has asked users to amend the origin of coins stored on the platform.

Salary and pension payslips, inheritance documents, savings and gift payslips, mining receipts, and other documents were offered by the exchange as examples of documents clarifying fiat-related sources of wealth of deposited funds. Deposits and withdrawals in fiat and crypto, login information, work contracts, screenshots, hand-written agreements, and other crypto-related sources are all available.

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Before the latest notice, Bitstamp contacted its users on March 30 and offered incentives for giving further account information:

“If you want to keep on using our services, you’ll need to update your account as some information is out of date. As a “Thank You!” we will reward you with a $25 bonus once you have completed your account info.”

Users are now reportedly required to provide documents proving their ownership of the cryptocurrency they have. This, however, only applies to crypto purchased via external exchanges.

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