1232
12604
$259,470,657,375
$1,422,547,115,197
70%
Bitstamp’s enhanced KYC (Know Your Customer) procedure is forcing customers to go through different hoops meeting the unprecedented level of compliance for cashing out cryptocurrencies.

The unbelievably high percentage of growth for Bitcoin and other cryptocurrencies have made the process for users who want to withdrawal or purchase large amounts of crypto a lot more complicated. The conversion from digital currency to fiat money without the interference of any third-parties has become almost impossible.

Lately, cryptocurrency exchanges with a fear of being shut down have created an environment in which anyone is a suspect, thus taking it to the extreme.

Bitstamp has implemented a large number of documents required for exchanging BTC to fiat money and vice versa. The verification system includes screenshot requests, salary pay slips, tax revenue statements, property sale contracts, statements from bank accounts and authorization of fiat deposits. This is a result of legal obligations set for the cryptocurrency exchange to strictly adhere to.

Also, government agencies suspicious of anything related to digital currencies with no hesitations can shut down exchanges that conduct inadequate KYC procedures or facilitate money laundering.

Bitstamp is one of the oldest and well-respected cryptocurrency exchange platforms. It is especially prevalent in Europe as it was founded and developed in Luxembourg in 2012 and has now opened offices in London.

Bitstamp is known for its low fees concerning large amounts of transactions. It was one of the first exchanges created with the purpose to trade Bitcoin. The peer-to-peer platform is well developed with daily trading volumes sometimes reaching 1 billion USD.

Customers of the exchange have been aggravated that the KYC procedures of Bitstamp sometimes take months and describe them as unnecessarily invasive.

Cryptocurrency exchange Bitstamp

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