On an EU level, it is safe to say that there is still no specific legal framework. To take its Bitcoin efforts a step further, CSSF licensed the first-ever EU-licensed crypto firm Bitstamp, the oldest crypto trading platform in the world. The payment institution license granted by the CSSF is highly attractive to global crypto players due to its broad territorial compliance coverage. The contrasting treatments of crypto trading platforms e. Bitstamp , bitFlyer and an electronic money platform e.
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- New Bitstamp CCO to Guide Exchange Through ‘Evolving Regulatory Landscape’
- Bitstamp to apply stricter KYC procedures to meet compliance
- Verifying real identity in a remote world
- Bitstamp chooses Irisium’s Market Monitoring Platform
- crypto Tag
- Bitstamp Is Asking Too Many Questions
- Top 5 Cryptocurrency Exchange Script | Start Your Crypto Trading Business in 2022
- Yoti Encourages Younger Industries to Take Proactive Steps to Guarantee KYC and AML Compliance
- Netherlands: Bitstamp Users Must Now Undergo KYC to Withdraw to External Wallets (BTC Manager)
- BITCOIN moment of truth for the COVID trend-line?
New Bitstamp CCO to Guide Exchange Through ‘Evolving Regulatory Landscape’
Cryptocurrency exchange Bitstamp has implemented more rigorous know-your-customer KYC measures for its Netherland-based users.
Users have to whitelist the address, for which they are required to provide a photo. Crypto assets have to be first sent to a wallet before moving them to a third party. The official message from the exchange reads ,.
This means that you need to provide us with the required information and documents even if you have already done so in the past. A Twitter user that goes by Bitcoin Marcus, who is a Bitstamp customer, shared the email sent by the exchange on the social media platform.
The exchange responded ,. Conducting these procedures ensures that we can keep providing a safe and reliable trading service to our users. These new rules are in line with those proposed by the Dutch central bank, De Nederlandsche Bank DNB that requires crypto service providers to be registered with them and comply with anti-money laundering and sanctions rules. As per these rules ,.
As we reported, platforms like Bitonic have followed these updated rules, while others like derivatives platform Deribit , crypto mining pools Simplecoin, BTC gaming platform Chopcoin, and crypto payments startup Bottle Pay moved out of the Netherlands citing customer privacy concerns. AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.
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Bitstamp to apply stricter KYC procedures to meet compliance
The increasingly tight cryptocurrency regulations in the Netherlands are starting to have an impact after Dutch Bitstamp users found that they now have to prove ownership of withdrawal addresses. Such measures may have come as a shock to the system for users, but crypto enthusiasts in all countries may well find themselves subjected to similar treatment in the near future. Yes, this is real. People in the Netherlands now have to KYC their withdraw addresses. The Bitstamp email was tweeted by Twitter user Bitcoin Marcus, which outlines the steps that Dutch users must how take:.
Verifying real identity in a remote world
Yoti is advising businesses in relatively unregulated industries like online multiplayer gaming to improve their identity verification and crime prevention capabilities. The company noted that unregulated industries seldom stay unregulated for long, especially in industries that have been associated with money laundering and other forms of financial crime. In that regard, Yoti stressed that fraudsters are increasingly turning their attentions to industries with laxer policies, largely because new laws have made it more difficult to launder funds through more traditional avenues like real estate , art dealers , and casinos. Instead, a criminal may use stolen funds to purchase an in-game currency in a popular online video game, and then sell that digital currency to another player in exchange for legitimate real world cash. Such behavior is relatively easy to get away with because many financial regulations do not yet apply to online gaming or other, newer industries. As a result, those businesses are not performing the rigorous screenings that are now common in other sectors. However, that is likely to change in the near future.
Bitstamp chooses Irisium’s Market Monitoring Platform
You need a new code for each login. For example, their address is just a post box office. Just wanted to make users fully aware that Bitstamp may refuse to process withdrawals unless you go provide intrusive and personal information. My name and address were changed without authorization.
As cryptocurrency becomes more mainstream, regulations such as Know Your Customer KYC measures are essential to creating healthy markets and benefits for the cryptocurrency market and regulators alike. As crypto exchanges and wallets grow to take on similar services as financial institutions, KYC has to be implemented in exchanges according to the different jurisdictions they operate in. Effective KYC protects exchanges from interacting with individuals or organizations with malicious intent, at the same time, provides financial intermediaries with information to review regulations. Know Your Customer is the process businesses take on to verify the identity of their clients either before or during the time that they start doing business with them. Procedures are set in place to ensure that customers are not involved in corruption, bribery, or money laundering. Extensive customer due diligence is essential to protect businesses and their clients from unanticipated repercussions due to external breaches.
Bitstamp Is Asking Too Many Questions
Bitstamp's users in the Netherlands will now be required to present photographic ID to withdraw their crypto funds to external wallets. Cryptocurrency users in the Netherlands will now be required to present photographic ID to withdraw to external wallets after cryptocurrency exchange Bitstamp introduced the measures to comply with local regulations. The crypto exchange has said users will now be banned from withdrawals unless they are able to verify their ownership of external wallets, following the introduction of new regulations designed to tackle money laundering and other financial crimes in the European country. In a letter from Bitstamp posted to Twitter, the exchange said the additional KYC layer would be required before user wallets can be whitelisted for withdrawals. Yes, this is real. People in the Netherlands now have to KYC their withdraw addresses. In announcing the measures, Bitstamp becomes the latest exchange to adopt the new requirements in the Netherlands. The KYC announcement comes amid a wider global tightening of restrictions on digital currency exchanges and their users.
Top 5 Cryptocurrency Exchange Script | Start Your Crypto Trading Business in 2022
Slovenian crypto exchange Bitstamp on the whole has a generally positive reputation within the cryptocurrency world. However, it was recently revealed that customers of this exchange has to go through fire, water, and brass pipes in order to complete the identification process on the website. Bitstamp requests screenshots of their other crypto exchange accounts, bank account statements showing fiat deposits in other exchanges, and signed messages from the BTC and ETH addresses which the client plans to use. We already wrote about many problems with the withdrawal of funds from different crypto exchanges, but the title of the organizer of the most sophisticated KYC process goes to Bitstamp without any doubts.
Yoti Encourages Younger Industries to Take Proactive Steps to Guarantee KYC and AML ComplianceRELATED VIDEO: Bitstamp imposes KYC for Dutch traders withdrawing to external wallets
They asked: "What is the purpose and destination of your bitcoins withdrawals made from your Bitstamp account? Another user got this: We kindly ask you to send us a signed message of your personal, most used wallet so we can establish the veracity of your statements. The "Sign Message" feature is an advanced functionality of the Bitcoin client which allows you to sign arbitrary messages to prove to somebody that you are were in control of the funds of some Bitcoin address. I have suspicion that their next question would be "Would you provide us private key to your cold storage?
Netherlands: Bitstamp Users Must Now Undergo KYC to Withdraw to External Wallets (BTC Manager)
Bitcoin Marcus, a Bitstamp user, has queried the Netherland exchange firm about why they have become stricter with their Know-Your-Customer regulations before users can withdraw their funds. The exchange firm has demanded additional KYC compliance for Dutch-based users asking that Netherland users have until the end of January to give this information and verify necessary documents; otherwise, their accounts would be suspended. Bitstamp users are required to provide information about their net worth, nationality, and proof of residence. The other documents the exchange firm requires include a source of funds of users, both fiat and crypto. The information are added to the previous order where users were forced to whitelist their third-party withdrawal addresses with photographic evidence showing proof of ownership of such wallets. Today Bitstamp has gone even further than the law requires.
BITCOIN moment of truth for the COVID trend-line?
Cryptocurrency exchange Bitstamp has implemented more rigorous know-your-customer KYC measures for its Netherland-based users. Users have to whitelist the address, for which they are required to provide a photo. Crypto assets have to be first sent to a wallet before moving them to a third party. The official message from the exchange reads ,.