On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Bitstamp traders based in the Netherlands now have even more regulatory hoops to scale before being able to withdraw their funds.
Crypto exchange platform Bitstamp is reportedly demanding additional Know Your Customer compliance steps for Dutch-based users.
According to a notice sent to Twitter user “Bitcoin Marcus,” — a Bitstamp user — the platform says account holders in the Netherlands have until the end of January to provide additional verification documents or risk their accounts being suspended.
Today @Bitstamp has gone even further than the law requires. They now want me to:
— Bitcoin Marcus ☣️⚡️ (@plan_marcus) January 25, 2021
- show them how much I earn
- show them where I got my #bitcoin from
- proof of funds
Seriously!! WTF!! And I can’t withdraw and leave so must comply.. pic.twitter.com/ze4ixNJJyd
As part of the additional KYC protocols, users must provide information about their net worth, nationality and proof of residence. Other documents demanded by Bitstamp include the source of funds — both for fiat and crypto.
Indeed, the exchange is reportedly forcing Dutch-based customers to reveal sensitive personal information like their salaries and investment proceeds.
These KYC steps are in addition to an earlier order mandating users to whitelist their third-party withdrawal addresses by providing photographic proof of ownership of those wallets.
Responding to Bitcoin Marcus’s complaints on Twitter, Bitstamp remarked, “Unfortunately, this procedure is required for our users from the Netherlands due to new regulation regarding cryptocurrencies introduced by the Dutch government.”
For Bitcoin Marcus, however, Bitstamp is bending over backward to satisfy Dutch authorities, especially the central bank, adding that only exchanges headquartered in the Netherlands require these additional KYC compliance steps.
Commenting on customer complaints regarding the KYC policies, Bitstamp chief technology officer David Osojnik told Cointelegraph:
"The solution we’ve implemented for verifying crypto withdrawal addresses is extremely straightforward and as unobtrusive as possible, while still satisfying the requirements set by the Dutch authorities. We do, however, realize that this situation may inconvenience our customers and encourage you to contact your local representatives or the DNB regarding the matter."
Dutch authorities issued new requirements for crypto exchanges back in 2019 with the measures coming into effect in November 2020. As previously reported by Cointelegraph, Bitonic, a crypto exchange in the Netherlands, described the new measures as “a nuisance.”
Requiring users to hand over personal and financial information may also pose a security risk. Centralized databases holding such sensitive data are usually a target for cybercriminals.
Exchanges and other crypto businesses have fallen victim to malicious cyber-incursions exposing user data. Hardware wallet maker Ledger is a prime example with almost 300,000 users having their details compromised by hackers.
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