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Dutch Bitstamp requires proof of income for withdrawal

Cryptopolitan


TL;DR Breakdown

  • Bitstamp users query exchange new KYC regulation
  • Netherland exchange fumes at authorities KYC regulation

Bitcoin Marcus, a Bitstamp user, has queried the Netherland exchange firm why they have become stricter with their know your customer regulation before withdrawing 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 a source of funds of users, both fiat and crypto.

The exchange firms’ KYC regulations are making it mandatory for customers to reveal sensitive personal information like their salaries and investment proceeds.

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.