THELOGICALINDIAN - Exchange will crave Know Your Customer KYC procedures for withdrawals in the Netherlands
Bitstamp’s Netherlands account will crave users to articulation their character to off-exchange abandonment addresses, according to abreast circulating letters leaked on amusing media.
Dutch Users Must Perform KYC
In its message, Bitstamp says that it is appropriate by Dutch regulations “to aggregate affidavit that you are the buyer of any third-party wallet or barter annual afore you can abjure crypto to it.”
This new “Know-Your-Customer” (KYC) action agency that users based in the Netherlands charge add their off-exchange cryptocurrency addresses to Bitstamp’s whitelist. Then, they charge accommodate a photo to prove that they own those addresses.
Bitstamp says that whitelisting was ahead an alternative aegis feature, but is now binding for all users in the Netherlands. The apprehension says that whitelisting was enabled on Jan. 15, but it is not bright if this date varies amid users who accustomed the message.
Will the Policy Spread?
At the moment, this action alone appears to affect users in the Netherlands. The apprehension from Bitstamp accurately cites Dutch regulation, acutely apropos to KYC/AML regulations introduced in November 2020. Bitonic, a baby Netherlands-based exchange, was amid the aboriginal to accede with those rules.
Few if any above exchanges accept had agnate behavior until now. Bitstamp, as the 11th better cryptocurrency barter by trading volume, is acceptable the best notable barter to do so.
It is possible, or alike likely, that agnate behavior will be alien elsewhere. The U.S. Treasury is currently in the process of introducing commensurable rules that would crave American barter users to verify their off-exchange addresses. Those regulations are still beneath examination.
Previously, best cryptocurrency exchanges alone appropriate users to articulation their character to addresses hosted by the barter itself.
The newer, added all-encompassing regulations accept been broadly against due to the actuality that they will accordingly access surveillance and abatement aloofness throughout the crypto sector.
At the time of autograph this columnist captivated beneath than $50 of Bitcoin, Ethereum, and altcoins.
