Bitstamp rolls out KYC forms, users are frustrated!

Bitstamp, one of the longest and sustained digital currency exchange platform across the globe has consistently led the way in pioneering regulation and oversight in the industry.

It was established in the year 2011 and is among the few fiat-based cryptocurrency exchanges. They are driven by the desire to provide a secure and strong trading environment and have always been prudent in approaching the users’ funds.

Soon after the inception, they implemented Know Your Customer [KYC] process. They recently tweeted a few minutes ago about the examining the same process. The intention is to make Bitstamp more user-friendly, easier and, faster.

Bitstamp’s Tweet

This KYC form has to be filled by all the users, including the existing and already verified customers. Bitstamp remarked that this will be a completely new and simpler system with a different approach.

Bitstamp has politely requested the users to fill in the details ‘as accurately as possible’. This includes some financial and personal information. They also mentioned that the corporate accounts need not complete this procedure and only personal account holders are bound to fill it.

This has made a majority of the users furious. Their Twitter account was flooded with some angry comments and complaints.

One of the Twitterati says:

“LoL, is it not enough that you want to know who I am? It need not have to interest you where I work, what work I do, what my annual income is, what my net worth is and what my source of funds are. You are a crypto-service and not the FBI. I shall not use your services anymore. Privacy matters!”

Marius, an investor remarks:

“How is Bitstamp more user friendly knowing how much i earn? To hell with this shit, I am waiting for 4 months to get verified and now this? This is not user friendly. Good bye!”

Marc Dennys, a very upset customer says:

“My bank is less complicated compared to your exchange. I couldn’t even get my account activated since DEC 2017… Binance and COinbase are user friendly, you are arrogant.”

Another unhappy customer says:

“We politely ask all of our customers to take a few minutes of your time and fill in the new form, even verified customers? That’s the exact opposite of simplified.”

Bitstamp explains:

They need the in-detail user information as they are not just a cryptocurrency trading platform, they are also a fiat exchange. They have to adhere to best market practices. Security is a serious concern to them and often being responsible does not have shortcuts.

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