Bitstamp

Jun 5, 2020 at 7:05 p.m. UTC

Updated Aug 2, 2021 at 7:04 p.m. UTC

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Founded in 2011, Bitstamp is a Europe-based cryptocurrency exchange that offers crypto-to-fiat and crypto-to-crypto exchange services. It supports euros, U.S. dollars, bitcoin, ether, litecoin, bitcoin cash, and XRP. It is one of the oldest exchanges in the crypto industry.

Bitstamp claims to take a "mature approach to crypto," and the exchange has been a proponent of regulation and compliance. It is annually audited by one of the Big Four accounting firms (Deloitte, EY, KPMG, and PWC). Additionally, Bitstamp emphasizes security and claims to have “military-grade storage” of assets. The exchange allows fiat deposits from users by SEPA transfer, International Bank Wire, or via credit card and can be accessed online or through a mobile app. It does not charge fees for cryptocurrency deposits and withdrawals.

In 2019, four years after applying, the exchange was granted a BitLicense from the New York Department of Financial Services, allowing Bitstamp to offer its cryptocurrency trading pairs to Empire State residents. Bitstamp is the largest exchange in Europe and it’s clear the company plans to expand its U.S. business.

In 2015, Bistamp suffered steep damages to hackers who stole nearly 19,000 BTC from the exchange's hot wallet. A confidential document posted to Reddit revealed that hackers distributed files containing malware to targeted employees appealing to their personal history or interests. The files included malicious scripts that automatically ran upon downloading the file, allowing attackers to compromise particular servers to perform the hack. Bitstamp, in response, now utilizes multi-sig wallet access and has contracted with Xapo to handle its cold wallet storage.

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