Bitstamp users are being warned that if their accounts are unverified, they won’t be active for much longer.
The exchange took to their news page recently to remind users of a change in the company’s Verification Policy that took effect on the 4th of September, 2013 in which accounts that are not verified violate Bitstamp’s AML/KYC (anti-money laundering/know-your-customer) policies.
“Bitstamp cannot allow unverified accounts to trade or offer any other services, as doing so would violate our AML and KYC policies,” the company writes.
Users will have a total of 28 days in order to get their accounts verified, which involves submitting information related to one’s identity, in case you haven’t already guessed.
And if you don’t?
Well, according to Bitstamp, such an occurrence is a breach of the customer agreement, and well, that means you can’t continue using the service.
[blockquote style=”2″]Failure to do so constitutes a breach of our Agreement and failure to remedy that breach. This will automatically result in the following: all unverified accounts holding a balance will be terminated, access rights will be removed, and the holders of these accounts will no longer be considered Bitstamp customers.[/blockquote]
And if you have to have a balance in an account that gets closed? Bitstamp says, “Any remaining balances will be subject to immediate seizure by and forfeiture to regulatory authorities.”
So if your account isn’t verified, now would be a nice time to get that done.