Working Hard to Keep Pace with Demand
Dear customers,
As you are no doubt aware, it’s been an exciting few months for bitcoin and digital currencies in general. During the period from January to November, overall trading volumes at Bitstamp increased by an incredible 1,384%. Without a doubt, this is the busiest we have ever been, and this surge in activity shows no sign of slowing down. While this tremendous growth represents a significant milestone for the evolving digital currency industry, it has unfortunately created some backlogs. We are currently experiencing delays in crediting deposits and verifying new customers, and some delays are expected when making fiat withdrawals, responding to support tickets and answering emails.
Bitstamp has moved quickly to keep pace with the increased demand caused by the sharp rise in overall trading on our platform this year. Our team has now quadrupled in size in the last year alone, and all our new hires are working their way through our rigorous training process. We are continuing to add to our account opening, support and payment teams, and have been working tirelessly on scaling up our internal procedures to meet this continued surge in activity.
Although the digital currency industry is fast paced, ever-changing and constantly developing, Bitstamp has always taken a conservative, prudent and organic approach to our growth, which requires us to follow specific policies and procedures. And this approach is why over a million customers choose to trade at Bitstamp. It’s our mission to ensure that the safety of customer funds comes before all other considerations, and we know that you appreciate our refusal to cut corners. We therefore ask for your continued patience, because these obligations take time to meet.
If you have a support or verification request, please follow the instructions below to help us speed things up for you.
Support
Verification process
New customers are required to submit the following for verification purposes:
Once you have submitted your verification request, you can check on its status here. If your verification status is ‘pending’, this means that your verification has been submitted successfully and is awaiting our review. If the verification status is ‘denied’, this means that an email with further instructions has been sent to your registered email address.
Deposits and withdrawals
The current timeframes and details for bank deposits are detailed below.
XRP and IOU deposits:
Before transferring XRP or IOU, please double-check that the payment address has been entered correctly and that the destination tag has been included. You can find them here:
IOU: https://www.bitstamp.net/account/deposit/ripple/
XRP: https://www.bitstamp.net/account/deposit/xrp/
To avoid your deposit being processed manually, please ensure that you type the correct deposit reference number into the deposit remittance field so that it can be automatically matched to your account on our system.
Ether withdrawals
Before initiating an ETH withdrawal, please ensure that the receiving party supports Etherum transactions generated from smart contracts.
Following the steps above will help us get your issue resolved faster, and we hope you also now have a clearer picture of all the hard work that is going on behind the scenes. We would also like to take this opportunity to extend a warm welcome to all our new customers and to thank our existing customers for your continued loyalty and support.
Please check our Twitter handle for all our updates on the situation. We can assure you that we are working flat out, and doing everything in our power to give you the best trading experience possible.
Best,
The Bitstamp team
As you are no doubt aware, it’s been an exciting few months for bitcoin and digital currencies in general. During the period from January to November, overall trading volumes at Bitstamp increased by an incredible 1,384%. Without a doubt, this is the busiest we have ever been, and this surge in activity shows no sign of slowing down. While this tremendous growth represents a significant milestone for the evolving digital currency industry, it has unfortunately created some backlogs. We are currently experiencing delays in crediting deposits and verifying new customers, and some delays are expected when making fiat withdrawals, responding to support tickets and answering emails.
Bitstamp has moved quickly to keep pace with the increased demand caused by the sharp rise in overall trading on our platform this year. Our team has now quadrupled in size in the last year alone, and all our new hires are working their way through our rigorous training process. We are continuing to add to our account opening, support and payment teams, and have been working tirelessly on scaling up our internal procedures to meet this continued surge in activity.
Although the digital currency industry is fast paced, ever-changing and constantly developing, Bitstamp has always taken a conservative, prudent and organic approach to our growth, which requires us to follow specific policies and procedures. And this approach is why over a million customers choose to trade at Bitstamp. It’s our mission to ensure that the safety of customer funds comes before all other considerations, and we know that you appreciate our refusal to cut corners. We therefore ask for your continued patience, because these obligations take time to meet.
If you have a support or verification request, please follow the instructions below to help us speed things up for you.
Support
- When submitting your request, please do not submit any further requests unless it is for a different issue. If we need to identify duplicate tickets, this only makes response times more difficult to meet.
- If you have any queries, please do not contact complaints@bitstamp.net because that email address is purely for customer feedback – not for resolving support or verification issues.
Verification process
New customers are required to submit the following for verification purposes:
- A valid government issued ID. This must be of high quality and entirely visible.
- Proof of residence. Only bank statements, utility bills or official government correspondence, such as a tax certificate, which are no older than 3 months, are acceptable. All details must be clearly visible.
Once you have submitted your verification request, you can check on its status here. If your verification status is ‘pending’, this means that your verification has been submitted successfully and is awaiting our review. If the verification status is ‘denied’, this means that an email with further instructions has been sent to your registered email address.
Deposits and withdrawals
The current timeframes and details for bank deposits are detailed below.
- The bitcoin deposit process still comprises 3 confirmations.
- There are no delays for crypto withdrawals.
- SEPA and wire deposits are currently taking extra time to process.
- SEPA and wire withdrawals are currently taking extra time to process.
- Longer crediting times are expected for third party deposits.
XRP and IOU deposits:
Before transferring XRP or IOU, please double-check that the payment address has been entered correctly and that the destination tag has been included. You can find them here:
IOU: https://www.bitstamp.net/account/deposit/ripple/
XRP: https://www.bitstamp.net/account/deposit/xrp/
To avoid your deposit being processed manually, please ensure that you type the correct deposit reference number into the deposit remittance field so that it can be automatically matched to your account on our system.
Ether withdrawals
Before initiating an ETH withdrawal, please ensure that the receiving party supports Etherum transactions generated from smart contracts.
Following the steps above will help us get your issue resolved faster, and we hope you also now have a clearer picture of all the hard work that is going on behind the scenes. We would also like to take this opportunity to extend a warm welcome to all our new customers and to thank our existing customers for your continued loyalty and support.
Please check our Twitter handle for all our updates on the situation. We can assure you that we are working flat out, and doing everything in our power to give you the best trading experience possible.
Best,
The Bitstamp team