Bitstamp
| Bitstamp | |
|---|---|
 |
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| Type | Bitcoin exchange |
| Location | Reading[nb 1], United Kingdom,[1] Slovenia |
| Key people | Nejc Kodrič (CEO and co-founder) |
| Currency | Bitcoin |
| Website | www |
Bitstamp is a bitcoin exchange based in the United Kingdom. As of September 2014[update] it was the world's second largest by volume.[2] It allows trading between USD currency and bitcoin cryptocurrency. It allows USD, EUR, bitcoin or Ripple deposits and withdrawals. The company is headed by CEO Nejc Kodrič, a widely known member of the bitcoin community, who co-founded the company in August 2011 with Damijan Merlak.[1] The company started in Slovenia, but moved its registration to the UK in April 2013.[1][nb 1]
The company was founded as a European-focused alternative to then-dominant bitcoin exchange Mt. Gox.[1] While the company trades in US dollars, it allows money to be deposited through the European Union's Single Euro Payments Area, allowing a relatively quick, low cost way of transferring money from European bank accounts to purchase bitcoins.[1]
When incorporating in the United Kingdom, the company approached the UK's Financial Conduct Authority for guidance, but was told that bitcoin was not classed as a currency, so the exchange was not subject to regulation.[1] Bitstamp says that it instead regulates itself, following a set of best practices to authenticate customers and deter money laundering.[1] In September 2013, the company began requiring account holders to verify their identity with copies of their passports and official records of their home address.[1]
Bitstamp offers an API to allow clients to use custom software to access and control their accounts.[3]
Bitstamp also acts as a gateway for the Ripple payment protocol.
Service disruptions
In February 2014, the company suspended withdrawals for several days in the face of a distributed denial-of-service.[4] Bitcoin Magazine reported that people behind the attack sent a ransom demand of 75 bitcoins to Kodrič, who refused due to a company policy against negotiating with “terrorists”.[5] Days after restoring service, Bitstamp temporarily suspended withdrawals for some users as a security precaution due to increased phishing attempts.[6]
In January 2015, Bitstamp suspended its service after a hack during which less than 19,000 bitcoins were stolen.[7]
Notes
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