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Is It Safe to Give Bitstamp my SSN?

Dave Miller with Online Cloud Security

Dave Miller – Tech Enthusiast & Security Expert – December 27th, 2021

Is it Safe to Give Bitstamp my SSN

So guys, are you wondering if it is safe to give your SSN (Social Security Number) to Bitstamp? This article will help you a lot in solving your query about is it safe to share SSN with Bitstamp. 

Let’s get straight into this interesting Step-by-step article by going through the table of contents.

Table of Contents

Brief Info of Bitstamp:

Before going deep, let’s have a quick look at what is Bitstamp and what is its policy?

Bitstamp is a bitcoin exchange located in Luxembtheirg. It facilitates trading bet Bitstamp fiat cash, bitcoin, and other crypto currencies. It enables THEMD, EUR, GBP, bitcoin, ALGO, XRP, Ether, lite coin, bitcoin cash, XLM, Link, OMG Network, THEMD Coin, or PAX banking transactions.

The firm was formed as a European-fathomed competitor to then-dominant bitcoin exchange Mt. Gox. While the firm trades in THEM dollars, it takes fiat money deposits for free through the European Union’s Single Euro Payments Area, a means for moving money bet Bitstamp European bank accounts.

Bitstamp provides an API to let customers create bespoke applications to access and manage their accounts.

Here comes the Privacy policy of this crypto Bitstamp website. You can see what their policy is telling about.

“This Privacy Policy, coupled with their Terms of Use, covers Bitstamp collection, processing, and use of your Personal Data. As used in this Privacy Notice, “Bitstamp refers to Bitstamp Europe S.A., a Payment Institution, registered with the Luxembtheirg Trade and Companies Register under the number 196.856, with its registered address at 21-25, allée Schaeffer, L-2520, Luxembtheirg, Bitstamp Limited, registered within the England and Wales Companies Registrar under the number 8157033, with its registered address at 5 New Street Square, London EC4A 3TW, England and Bitstamp THEMA, Inc., registered with the Registrar of Companies in the state of Delaware with the registration number 5481543 and with registered office at 27 Union Square Bitstampst, New York, NY 10003.

Bitstamp Europe S.A, Bitstamp Limited, and Bitstamp THEMA, Inc. are data controllers under this Privacy Policy, which lays forth the way in which all the firms, as data controllers”

But, you are still not getting your answer that is it safe to share Bitstamp my SSN? To get your point, keep reading this article.

preventing fraud with Bitstamp

Bitstamp Uses Your SSN to Prevent Fraud

When signing up for an account with Bitstamp, because it is highly regulated and in the cryptocurrency niche, there are many government regulations force Bitstamp to collect personal information such as your SSN and Driver’s License in order to verify your identity, Bitstamp requires your personal data to keep you and your account assets safe. Here is what they gather:

They gather the Private Information which you supply directly to them or which Bitstamp produce when you register a Bitstamp Account, execute any transactions on the Bitstamp Platform, or use any Bitstamp Services or their Bitstamp web page. Bitstamp offers the following information.

Number 1: Contact details, such as name, residential address, and email address;

Number 2: Customer details, such as login, password, Account settings, and preferences;

Number 3: Biometric identification information, such as photographs of their government-issued ID, passport, national ID card, or driver’s license. Citizens may be requested to supply their social security numbers;

So, this is the basic information they need to proceed you through the Bitstamp. Now here I am going to discuss, how Bitstamp actually uses their personal info during the whole process.

How Does Bitstamp Use your Personal Information?

After providing the personal details, here comes the point of how they actually use your information. Is your information safe? Maybe this question is also knocking in their minds? If yes, here is what they do:

Your information is collected and used for a number of purposes. To engage in and fulfill their contract, Bitstamp will need certain information from you, such as your contact and payment information. Due to their anti-money laundering and anti-fraud screening duties, certain information processing is mandated by law.

Bitstamp may ask for your consent to sequence special categories of private information (for example, your biometric information during the verification process), but Bitstamp may also rely on significant public interest (regulatory requirements, limiting forgery, terrorist financing, and/or bank fraud) or their right to establish, exercise, or defend legal claims, as legally permitted.

Here is How Bitstamp Uses your Personal Information:

Step 1: Create and maintain your Bitstamp account, as Bitstamp as bookkeeping, invoicing, legal documents, and claim and dispute management in general. Related processing activities are required for the fulfillment of a contract with you (or to take actions at your request prior to entering into a contract) as Bitstamp as compliance with their legal requirements.

Step 2: Your Bitstamp transactions will be processed. Related processing procedures are required for the fulfillment of a contract with you as Bitstamp as compliance with their legal duties.

Step 3: Preventing fraud and other financial crimes is one of the most important things you can do. Related processing procedures are required for them to comply with their legal duties and to pursue their legitimate interests (i.e., creating and enhancing their anti-fraud system and satisfying their legal obligations)

What Security Does Bitstamp Provide You?

To preserve the confidentiality of your Personal Data and to safeguard it from loss, theft, unauthorized access, use, modification, or destruction, Bitstamp use a range of security measures. These safety precautions include, but are not limited to, the following:

Password-protected directories and databases; SSL technology to guarantee that your data is completely encrypted and transferred securely over the Internet; and PCI Scanning to actively defend their servers from hackers and other vulnerabilities.

All financial and/or credit information is secured in their database and sent theming SSL technology. Only approved Bitstamp employees have access to your Personal Data, and they are obligated to manage it with extreme care.

In light of new and relevant legislative and technological developments, the security measures will be examined on a regular basis.

In an e-mail, text, or another form of communication that Bitstamp use to contact you, Bitstamp does not ask for financial or payment information such as your credit card number, passcode, account number, or pin number. 

Please double-check that any Bitstamp website where you are required to provide financial or payment information in connection with their bookings or Services is run by Bitstamp. If you get a strange request, do not respond and report it to one of their Service agents as instructed in their Privacy Policy.

Your Account password, membership numbers, and pin numbers are your responsibility to keep safe and secure. Don’t tell anybody about them. You can contact them as soon as possible if your information is used without your permission or if there is any other security breach.

Conclusion

The whole debate shows that sharing your SSN with Bitstamp is totally safe as it is providing you and your personal data extreme protections against fluctuations. You don’t need to hesitate while sharing your social security number for sure.

So, this is all about today’s article. I hope you are no more in doubts and become clear? If this article adds information to your knowledge, then it deserves Kudos. I hope you like this interesting article!

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Dave Miller with Online Cloud Security

Dave Miller

IT Consultant at Online Cloud Security

Dave Miller is an IT Consultant for Online Cloud Security and has over 7 years of experience in the Information Technology space. He also specializes in repairing laptops & computers. In his spare time, he loves to talk about new technologies and hosts monthly IT and Cyber Security meetings in the Houston area.

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About Online Cloud Security:

Online Cloud Security is here to recommend you the most secure devices, from laptops to smartphones, we only want to provide you with products that we have tested and used ourselves for online security. Every product that we recommend is heavily inspected and tested for security against hackers, viruses, malware, and any other intruders that may want to steal your information. 

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Online Cloud Security Logo (500x500px)

About Online Cloud Security

Online Cloud Security is here to recommend you the most secure devices, from laptops to smartphones, we only want to provide you with products that we have tested and used ourselves for online security. Every product that we recommend is heavily inspected and tested for security against hackers, viruses, malware, and any other intruders that may want to steal your information. 

Recent Posts: