BitStamp Turning Over Unverified Accounts


Bitcoin exchange Bitstamp has told users that all accounts not verified within the next 28 days will
be handed over to government authorities. Bitstamp released a statement explaining, “We believe it makes good sense for us to act in a conservative fashion and to do our best to safeguard the integrity of the system… After the due diligence process is complete, the remaining funds will be subject to government seizure for uses hopefully related to consumer protection and law enforcement education in this new area of
commerce.” Bitstamp has insinuated that the reason for this decision was the company’s need to follow UK Anti-Money Laundering and Know-Your-Customer laws. Bitstamp has also reassured that no forfeited
customer funds will go to the exchange itself.

Looks like UK is after a warchest of bitcoins…


I think I probably agree with all of that. I’d prefer all of these companies comply with local law if its possible. Whether or not you agree or believe in the laws, it’s the current system that was agreed on (again, on the surface, depending on your beliefs). These companies need to play the game or they’ll just get stamped out and this new technology will just keep hitting walls.

That said, the next step is to get these DACs rolling and see what it shakes up. Then things’ll get interesting.


Yep, the scumbags are going to round em up and redistribute the loot according to the current government’s vote-buying needs.

I hope Bitstamp goes bust ASAP.


“the scumbags”?

shows how little you know


Okay, let’s recap:

  • I opened my BitStamp account and there were no questions asked
  • BitStamp now locked all otherwise completely sound accounts (including those that had no large transfers, no suspicious activity and so on) whose owners have not ID-ed themselves.
  • Anyone who at this point wants to get his or her money or cryptocurrency out cannot do so (which is legal, government-sponsored theft).

What else is there to know?

To clarify my earlier comment:

  • The scumbags = governments
  • I nevertheless do hope BitStamp goes bust (although that’s not necessary because they will anyway)