Home / Archive / Bitcoin Exchange Bitstamp is Struggling…to Keep up with Increasing Customer Demand

Bitcoin Exchange Bitstamp is Struggling…to Keep up with Increasing Customer Demand

Last Updated March 4, 2021 4:56 PM
Lester Coleman
Last Updated March 4, 2021 4:56 PM

After recently accepting Visa or MasterCard credit/debit card purchases from U.S. customers, Bitstamp, one of the oldest bitcoin exchanges, has advised customers that its expanding customer base is resulting in longer service response times. The company’s phone service is currently offline, and it has asked customers to be patient.

In a notice  titled “Increased Demand,” the company encouraged customers experiencing delayed credit card payments to check their spam folders in the event that its partner Simplex has reached out. It has encouraged customers to report verification and support issues.

Customers Get Advice

Customers who have submitted verification requests are encouraged to check their verification status. A pending status is one that is awaiting review. A denied status will be followed with an email with further instructions.

Customers should be aware of time frames for deposits and withdrawals. There are three confirmations for bitcoin deposits. Bitcoin withdrawals are not delayed. Wire and SEPA deposits get processed the day they are received, while wire and SEPA withdrawals can take up to three business days from the time they are received.

IOU and XRP deposits require the sender to double check to make sure they are sending payment to the correct address and a destination tag.

To prevent deposits from being manually processed, customers must ensure they type the correct reference number in the deposit remittance information to ensure the system can automatically tag it to the account.

Customers are advised to contact the support team via email or open a support ticket if the FAQ page does not answer their questions.

Also read: Bitcoin exchange Bitstamp launches equity offer for investors

Commitment To Customer Service

As the customer base grows, Bitstamp continues to seek new services to offer customers.

Bitstamp last year became the first fully licensed bitcoin exchange Europe. It gained the license to operate as a payment institution across the European Union.

In a bid to increase its currencies, Bitstamp announced last June that its clients would be able to trade Euros for dollars. This marked the exchange’s entry into the biggest traditional currency trading pair in the foreign exchange market.

More recently, Bitstamp partnered with CACEIS, the servicing bank of Credit Agricole, to allow fund promoters to accept bitcoin investments from retail and corporate clients, opening new opportunities for fund managers. This allows bitcoin investments to be made in a fully regulated framework.