Bitstamp Tightens KYC Rules for Dutch Users

The oldest European cryptocurrency exchange Bitstamp has introduced an additional verification for Netherlands-based clients who wish to withdraw funds to external wallets. This was reported by a Twitter user going by the alias Bitcoin Marcus.

Yes, this is real. People in the Netherlands now have to KYC their withdraw addresses. pic.twitter.com/S2H5Gszh9X

— Bitcoin Marcus ☣️🐝⚡️ (@plan_marcus) January 17, 2021

Representatives of the exchange explained that the changes to the withdrawal function are driven by regulatory requirements.

“The new regulation requires us to collect confirmations that you are the owner of any external wallet or exchange account,” according to Bitstamp’s letter.

The rules came into force on January 15. Users must add the wallet address to the so-called whitelist and provide a photograph proving ownership of the wallet.

“The whitelist is a security feature that was already available on Bitstamp; it has now become mandatory for all users in the Netherlands,” the platforms said.

Earlier, representatives of the local cryptocurrency industry criticised the new rules aimed at combating money laundering in line with European Union standards and the FATF guidelines.

Back in January 2021, the BitPay processing service introduced mandatory verification, drawing complaints from users.

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