Bitpanda requires to know how you earned the money you buy crypto with... a sad time when Exchanges officially became banks

just got this email from Bitpanda after trying to deposit funds via SEPA transfer: "You recently initiated a transaction on Bitpanda which is still pending. We need your support in order to successfully complete this transaction. As of January 2020, we are required by law to obtain proof of funds from you before we can execute your outstanding transaction. A proof of funds (POF) is a document or a collection of documents showing the origin of financial resources which you have used for fiat deposits (i.e. deposits made in EUR, CHF, GBP and USD). The proof of funds also includes information concerning the origin of your cryptoassets which have been used for fiat withdrawals (i.e. withdrawals in EUR, CHF, GBP and USD). Even though this may sound complicated, all you actually have to do is prove how you acquired the funds. Please note that the submitted documents must not only display your most recent deposit (or withdrawal), but also the sum of your previous transactions, i.e. all previous transactions up to the stated amount. For example, we can accept the following documents (amongst others) to prove the origin of funds: - Wage, salary or pension statements (no older than six months) - Notarial proof of inheritance or a gift - Proof of the sale of real estate - Proof of earnings from renting and leasing - Proof of earnings from fixed assets or shareholding - Proof of the sale of shares in a company - Proof of earnings from investments Simply stating the source of the funds is not sufficient. The document must be sent to us as an attachment. Please send the required documents in the form of JPG/JPEG, PNG or PDF via the “Proof of Funds” section of our contact form. Unfortunately, attachments in other formats cannot be processed. We understand that it may not always be easy to provide all the evidence for this amount but we are required to request this proof by law. If you are unable to provide proof for this amount, please contact our support team directly via our contact form. If required, further information on this topic can be found in our privacy policy under the heading “Details to and proof of funds” and under point 2.7 of our terms & conditions. Please note that if we do not receive the above-mentioned documents we would need to refund the transaction in question and the usage of your account will be limited. We thank you for your cooperation.Best regards,Team Bitpanda" While I'm not surprised as they deal with fiat and have KYC and AML procedures on sign up, I'm still very sad to see this is happening with addition of a mini threat that if its not provided my account will be limited.

Submitted May 23, 2020 at 02:44PM

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