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1. #1publishby system:backfill

   2026-05-31 07:31:55Z
   Score: ? → ? (no score change)
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   58HNNEgJimiG…kTzz2hqkcopyexplorer ↗

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   {"actor":"system:backfill","investigation_id":"c7c67b29-ba30-4cc4-9883-1d8a26e2c764","kind":"publish","page_slug":"bitstamp","published_at":"2026-05-31T07:31:55.436Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Bitstamp","sections":[{"content":"Bitstamp was founded in August 2011 by Nejc Kodric and Damijan Merlak in Slovenia, initially conceived as a European alternative to the then-dominant Bitcoin exchange Mt. Gox. The company was started with approximately €1,000 in capital, a server, and two laptops operating out of a garage. Bitstamp relocated its registration to the United Kingdom in April 2013, and again to Luxembourg in 2016. In April 2016, the Luxembourgish government granted Bitstamp a payment institution license (licence number Z00000012), making it one of the first cryptocurrency exchanges to be fully licensed in the European Union and allowing it to operate across all 28 EU member states under a European financial passport.","heading":"Background and Founding","severity":"low","sources":[{"credibility":2,"name":"Bitstamp - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Bitstamp"},{"credibility":2,"name":"Bitstamp: An Overview of the Industry's Oldest Active Exchange - Nasdaq","type":"news_article","url":"https://www.nasdaq.com/articles/bitstamp:-an-overview-of-the-industrys-oldest-active-exchange-2018-09-04"}]},{"content":"Bitstamp was co-founded and initially owned by Nejc Kodric and Damijan Merlak. In October 2018, NXMH, a Belgian investment company affiliated with South Korean gaming conglomerate NXC Corporation (also the owner of Korean exchange Korbit), acquired approximately 80 percent of Bitstamp's shares in an all-cash deal. Founder Nejc Kodric retained a 10 percent stake and continued as CEO, while Pantera Capital Management, which had invested $10 million in 2014, retained a 6 percent stake. In May 2023, Ripple acquired Pantera Capital's remaining minority stake in Bitstamp for an undisclosed sum, making Ripple a minority shareholder. On June 6, 2024, Robinhood Markets, Inc. announced an agreement to acquire Bitstamp Ltd. for approximately $200 million in cash. The transaction closed on June 2, 2025, making Bitstamp a wholly owned subsidiary of Robinhood and rebranding it as 'Bitstamp by Robinhood.'","heading":"Ownership History","severity":"low","sources":[{"credibility":2,"name":"Bitstamp Announces Sale to NXMH - GlobeNewswire","type":"official","url":"https://www.globenewswire.com/news-release/2018/10/29/1638405/0/en/Bitstamp-Announces-Sale-to-NXMH.html"},{"credibility":2,"name":"Bitcoin Exchange Bitstamp Confirms Sale to Gaming Group NXC - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2018/10/29/bitcoin-exchange-bitstamp-confirms-sale-to-gaming-group-nxc"},{"credibility":2,"name":"Ripple president explains why the company acquired a stake in Bitstamp - The Block","type":"news_article","url":"https://www.theblock.co/post/232223/ripple-bitstamp-pantera-galaxy-digital"},{"credibility":1,"name":"Robinhood to Acquire Bitstamp - Robinhood Investor Relations","type":"official","url":"https://investors.robinhood.com/news-releases/news-release-details/robinhood-acquire-bitstamp"},{"credibility":2,"name":"Robinhood Completes $200M Acquisition of Bitstamp - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/06/03/robinhood-completes-200m-acquisition-of-crypto-exchange-bitstamp"}]},{"content":"In January 2015, Bitstamp suffered its most significant security incident when attackers stole approximately 18,866 bitcoins valued at roughly $5.3 million. The attack followed a multi-week phishing campaign targeting at least six employees, employing personalized Skype and email messages to distribute malicious documents. On December 11, 2014, systems administrator Luka Kodric downloaded a malicious Word document disguised as an application form, which compromised his machine. Attackers subsequently leveraged access to copy the exchange's hot wallet file and passphrase, draining the wallet on January 4, 2015, as customer deposits continued to arrive throughout the day. Bitstamp suspended service for nearly a week following discovery of the breach. In response, the company rebuilt its entire trading platform from scratch, engaged forensics firm Stroz Friedberg, implemented multi-signature wallet access, and contracted Xapo for cold storage management. A February 2014 incident had also seen attackers launch a distributed denial-of-service attack and demand 75 bitcoins in ransom, which Bitstamp's leadership refused to pay.","heading":"2015 Security Breach","severity":"high","sources":[{"credibility":2,"name":"Details of $5 Million Bitstamp Hack Revealed - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2015/07/01/details-of-5-million-bitstamp-hack-revealed"},{"credibility":1,"name":"Hackers steal $5 million from major bitcoin exchange - Fortune","type":"news_article","url":"https://fortune.com/2015/01/05/bitstamp-bitcoin-freeze-hack/"},{"credibility":2,"name":"Bitstamp Suspends Its Service After Hackers Snatch $5M In Bitcoins - TechCrunch","type":"news_article","url":"https://techcrunch.com/2015/01/05/bitstamp-bitcoin-exchange-hack/"}]},{"content":"Bitstamp has maintained an extensive global regulatory footprint throughout its operational history. It was the first cryptocurrency exchange in the EU to hold a payment institution license, granted by Luxembourg's Commission de Surveillance du Secteur Financier (CSSF) in 2016. In October 2024, Bitstamp Financial Services received a MiFID Multilateral Trading Facility (MTF) license from Slovenia's Securities Market Agency, authorizing it to offer regulated crypto derivatives including perpetual swaps to both institutional and retail clients across the EU. In May 2025, the CSSF granted Bitstamp a Crypto Asset Service Provider (CASP) license under the EU's Markets in Crypto-Assets (MiCA) regulation, making it one of the first exchanges to receive a MiCA CASP license in Luxembourg. The license covers exchange operations, order execution on behalf of clients, and crypto custody across the European Economic Area. As of the Robinhood acquisition announcement in June 2024, Bitstamp held over 50 active licenses and registrations globally, including registrations in the United States, United Kingdom, Singapore, and other jurisdictions.","heading":"Regulatory Compliance and Licenses","severity":"low","sources":[{"credibility":2,"name":"Bitstamp Becomes First MiCA-Licensed Exchange in Luxembourg - Luxembourg for Finance","type":"regulatory","url":"https://www.luxembourgforfinance.com/en/news/bitstamp-becomes-first-mica-licensed-exchange-in-luxembourg/"},{"credibility":2,"name":"Bitstamp Secures CASP License Under MiCA - Bitstamp Blog","type":"official","url":"https://blog.bitstamp.net/post/bitstamp-secures-casp-license-under-mica/"},{"credibility":2,"name":"Bitstamp secures MiFID MTF license from European regulator - Crypto.news","type":"news_article","url":"https://crypto.news/bitstamp-secures-mifid-mtf-license-from-european-regulator/"},{"credibility":1,"name":"Robinhood to Acquire Bitstamp - Robinhood Investor Relations","type":"official","url":"https://investors.robinhood.com/news-releases/news-release-details/robinhood-acquire-bitstamp"}]},{"content":"In June 2025, the Court of Appeal of Grenoble found Bitstamp Europe civilly liable for operating in France without registration with the French Financial Markets Authority (AMF) during a defined period. The PACTE Act, enacted on May 22, 2019, established a transitional compliance deadline of December 19, 2020 for digital asset service providers to register with the AMF. Bitstamp did not register with the AMF until February 7, 2023. The court held that Bitstamp Europe's continued provision of services in France after the compliance deadline constituted a standalone regulatory fault sufficient to engage civil liability, independently of any operational or contractual failure. The court ordered Bitstamp Europe to pay €27,950 to a user corresponding to the value of stolen crypto assets at the time of the theft, plus €3,000 in legal costs. The ruling is considered significant in French jurisprudence for establishing that regulatory noncompliance by a crypto-asset service provider can directly ground civil liability to retail customers.","heading":"French Court Ruling on AMF Registration Noncompliance","severity":"medium","sources":[{"credibility":2,"name":"The Liability of Crypto-Asset Service Providers for Failure to Register With the AMF - Goodwin Law","type":"research","url":"https://www.goodwinlaw.com/en/insights/publications/2025/08/insights-finance-the-liability-of-crypto-asset-service-providers"},{"credibility":2,"name":"The Liability of Crypto-Asset Service Providers for Failure to Register With the AMF - JDSupra","type":"research","url":"https://www.jdsupra.com/legalnews/the-liability-of-crypto-asset-service-3719580/"}]},{"content":"In a case unrelated to Bitstamp's own operations, a Sugar Land, Texas resident named Xiaofei Chen was convicted of using Bitstamp as a vehicle for fraud and money laundering. Chen opened a Bitstamp exchange account using a victim's identity and driver's license without consent, then arranged a fraudulent wire transfer of $520,000 from the victim's checking account. The funds were converted to Bitcoin and laundered through numerous transactions. Chen was indicted in December 2022, pleaded guilty to aggravated identity theft on October 12, 2023, and was sentenced to 24 months in federal prison followed by one year of supervised release. The U.S. Department of Justice did not allege any wrongdoing by Bitstamp in this case; the exchange was used as an instrument by the defendant.","heading":"Third-Party Fraud Cases Involving the Platform","severity":"medium","sources":[{"credibility":1,"name":"Sugar Land resident sent to prison for Bitstamp cryptocurrency fraud scheme - DOJ SDTX","type":"court_filing","url":"https://www.justice.gov/usao-sdtx/pr/sugar-land-resident-sent-prison-bitstamp-cryptocurrency-fraud-scheme"},{"credibility":1,"name":"Suburban man convicted of Bitstamp cryptocurrency fraud scheme - DOJ SDTX","type":"court_filing","url":"https://www.justice.gov/usao-sdtx/pr/suburban-man-convicted-bitstamp-cryptocurrency-fraud-scheme"}]},{"content":"Bitstamp has received a range of customer complaints on review platforms, primarily centered on account freezes, delayed withdrawals, and slow customer support response times. Users have reported accounts frozen for periods ranging from weeks to months, often triggered by KYC reverification or source-of-funds requests. Multiple users describe receiving generic responses from support that do not address their specific issues, and report having to submit documents repeatedly. These complaint patterns are consistent with compliance-driven account reviews that are common across regulated exchanges, though the volume and duration described by some users suggest potential operational bottlenecks. The complaints represent user-level reports and have not resulted in documented regulatory enforcement actions related to these service issues.","heading":"Customer Complaints and Service Issues","severity":"medium","sources":[{"credibility":3,"name":"Account Frozen for Months: Warning for Bitstamp Users - BlockNuggets","type":"community_report","url":"https://blocknuggets.com/news/bitstamp-account-frozen-warning/"},{"credibility":3,"name":"Bitstamp Reviews - Trustpilot","type":"community_report","url":"https://www.trustpilot.com/review/bitstamp.net"}]},{"content":"As of mid-2025, Bitstamp serves over 5,000 institutional clients and approximately 50,000 retail customers, with the majority of its trading volume driven by the institutional base. The platform offers over 70 digital assets across more than 200 trading pairs, with BTC/USD representing the most heavily traded pair. Bitstamp positions itself as an institutional-grade exchange with a 'regulatory-first' approach. Following the Robinhood acquisition, the platform has rebranded as 'Bitstamp by Robinhood' and is positioned as Robinhood's primary vehicle for international and institutional crypto expansion. Bitstamp maintains offices in Luxembourg, the United Kingdom, Slovenia, Singapore, and the United States.","heading":"Institutional Profile and Current Operations","severity":"low","sources":[{"credibility":1,"name":"Robinhood Completes Acquisition of Bitstamp - Robinhood Newsroom","type":"official","url":"https://robinhood.com/us/en/newsroom/robinhood-completes-acquisition-of-bitstamp/"},{"credibility":2,"name":"Bitstamp by Robinhood trade volume and market listings - CoinMarketCap","type":"research","url":"https://coinmarketcap.com/exchanges/bitstamp/"},{"credibility":1,"name":"Robinhood to Acquire Bitstamp - Robinhood Investor Relations","type":"official","url":"https://investors.robinhood.com/news-releases/news-release-details/robinhood-acquire-bitstamp"}]}],"sources_used":[{"credibility":2,"name":"Bitstamp - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Bitstamp"},{"credibility":2,"name":"Bitstamp: An Overview of the Industry's Oldest Active Exchange - Nasdaq","type":"news_article","url":"https://www.nasdaq.com/articles/bitstamp:-an-overview-of-the-industrys-oldest-active-exchange-2018-09-04"},{"credibility":1,"name":"Robinhood to Acquire Bitstamp - Robinhood Investor Relations","type":"official","url":"https://investors.robinhood.com/news-releases/news-release-details/robinhood-acquire-bitstamp"},{"credibility":2,"name":"Robinhood Completes $200M Acquisition of Bitstamp - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/06/03/robinhood-completes-200m-acquisition-of-crypto-exchange-bitstamp"},{"credibility":1,"name":"Robinhood Completes Acquisition of Bitstamp - Robinhood Newsroom","type":"official","url":"https://robinhood.com/us/en/newsroom/robinhood-completes-acquisition-of-bitstamp/"},{"credibility":1,"name":"Robinhood Markets 8-K (Q2 2025) - SEC EDGAR","type":"regulatory","url":"https://www.sec.gov/Archives/edgar/data/0001783879/000178387925000250/q22025robinhoodexhibit991.htm"},{"credibility":2,"name":"Bitstamp Announces Sale to NXMH - GlobeNewswire","type":"official","url":"https://www.globenewswire.com/news-release/2018/10/29/1638405/0/en/Bitstamp-Announces-Sale-to-NXMH.html"},{"credibility":2,"name":"Bitcoin Exchange Bitstamp Confirms Sale to Gaming Group NXC - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2018/10/29/bitcoin-exchange-bitstamp-confirms-sale-to-gaming-group-nxc"},{"credibility":2,"name":"Ripple president explains why the company acquired a stake in Bitstamp - The Block","type":"news_article","url":"https://www.theblock.co/post/232223/ripple-bitstamp-pantera-galaxy-digital"},{"credibility":2,"name":"Details of $5 Million Bitstamp Hack Revealed - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2015/07/01/details-of-5-million-bitstamp-hack-revealed"},{"credibility":1,"name":"Hackers steal $5 million from major bitcoin exchange - Fortune","type":"news_article","url":"https://fortune.com/2015/01/05/bitstamp-bitcoin-freeze-hack/"},{"credibility":2,"name":"Bitstamp Suspends Its Service After Hackers Snatch $5M In Bitcoins - TechCrunch","type":"news_article","url":"https://techcrunch.com/2015/01/05/bitstamp-bitcoin-exchange-hack/"},{"credibility":2,"name":"Bitstamp Becomes First MiCA-Licensed Exchange in Luxembourg - Luxembourg for Finance","type":"regulatory","url":"https://www.luxembourgforfinance.com/en/news/bitstamp-becomes-first-mica-licensed-exchange-in-luxembourg/"},{"credibility":2,"name":"Bitstamp Secures CASP License Under MiCA - Bitstamp Blog","type":"official","url":"https://blog.bitstamp.net/post/bitstamp-secures-casp-license-under-mica/"},{"credibility":2,"name":"Bitstamp secures MiFID MTF license from European regulator - Crypto.news","type":"news_article","url":"https://crypto.news/bitstamp-secures-mifid-mtf-license-from-european-regulator/"},{"credibility":2,"name":"The Liability of Crypto-Asset Service Providers for Failure to Register With the AMF - Goodwin Law","type":"research","url":"https://www.goodwinlaw.com/en/insights/publications/2025/08/insights-finance-the-liability-of-crypto-asset-service-providers"},{"credibility":2,"name":"The Liability of Crypto-Asset Service Providers for Failure to Register With the AMF - JDSupra","type":"research","url":"https://www.jdsupra.com/legalnews/the-liability-of-crypto-asset-service-3719580/"},{"credibility":1,"name":"Sugar Land resident sent to prison for Bitstamp cryptocurrency fraud scheme - DOJ SDTX","type":"court_filing","url":"https://www.justice.gov/usao-sdtx/pr/sugar-land-resident-sent-prison-bitstamp-cryptocurrency-fraud-scheme"},{"credibility":1,"name":"Suburban man convicted of Bitstamp cryptocurrency fraud scheme - DOJ SDTX","type":"court_filing","url":"https://www.justice.gov/usao-sdtx/pr/suburban-man-convicted-bitstamp-cryptocurrency-fraud-scheme"},{"credibility":2,"name":"Bitstamp by Robinhood trade volume and market listings - CoinMarketCap","type":"research","url":"https://coinmarketcap.com/exchanges/bitstamp/"},{"credibility":3,"name":"Account Frozen for Months: Warning for Bitstamp Users - BlockNuggets","type":"community_report","url":"https://blocknuggets.com/news/bitstamp-account-frozen-warning/"},{"credibility":3,"name":"Bitstamp Reviews - Trustpilot","type":"community_report","url":"https://www.trustpilot.com/review/bitstamp.net"}],"summary":"Bitstamp is a Luxembourg-headquartered cryptocurrency exchange founded in 2011 by Nejc Kodric and Damijan Merlak, widely regarded as the world's longest-running active crypto exchange. It was acquired by Robinhood Markets for approximately $200 million in June 2025 and holds over 50 active licenses and registrations globally, including an EU MiCA CASP license and a MiFID MTF license. The exchange has maintained a strong regulatory compliance posture for most of its history, though it suffered a significant $5.3 million hack in 2015 and a 2025 French court found it civilly liable for a period of unregistered operation in France.","timeline":[{"date":"2011-08-01","event":"Bitstamp founded by Nejc Kodric and Damijan Merlak in Slovenia with approximately €1,000 in startup capital.","source":"Bitstamp - Wikipedia","source_url":"https://en.wikipedia.org/wiki/Bitstamp"},{"date":"2013-04-01","event":"Bitstamp relocates registration to the United Kingdom and begins requiring identity verification from customers.","source":"Bitstamp - Wikipedia","source_url":"https://en.wikipedia.org/wiki/Bitstamp"},{"date":"2014-02-01","event":"Attackers launch distributed denial-of-service attack against Bitstamp and demand 75 BTC ransom; leadership refuses to pay.","source":"Bitstamp - Wikipedia","source_url":"https://en.wikipedia.org/wiki/Bitstamp"},{"date":"2014-12-11","event":"Bitstamp systems administrator downloads malicious document during phishing attack, giving attackers a foothold into the exchange infrastructure.","source":"Details of $5 Million Bitstamp Hack Revealed - CoinDesk","source_url":"https://www.coindesk.com/markets/2015/07/01/details-of-5-million-bitstamp-hack-revealed"},{"date":"2015-01-04","event":"Attackers drain Bitstamp hot wallet, stealing approximately 18,866 BTC (~$5.3 million). Service is suspended for nearly a week.","source":"Hackers steal $5 million from major bitcoin exchange - Fortune","source_url":"https://fortune.com/2015/01/05/bitstamp-bitcoin-freeze-hack/"},{"date":"2016-04-01","event":"Luxembourg's CSSF grants Bitstamp a payment institution license, the first for a cryptocurrency exchange in the EU.","source":"Bitstamp Becomes First MiCA-Licensed Exchange in Luxembourg - Luxembourg for Finance","source_url":"https://www.luxembourgforfinance.com/en/news/bitstamp-becomes-first-mica-licensed-exchange-in-luxembourg/"},{"date":"2018-10-29","event":"NXMH (affiliated with South Korean conglomerate NXC Corporation) acquires approximately 80% of Bitstamp. Founder Nejc Kodric retains 10% and continues as CEO.","source":"Bitstamp Announces Sale to NXMH - GlobeNewswire","source_url":"https://www.globenewswire.com/news-release/2018/10/29/1638405/0/en/Bitstamp-Announces-Sale-to-NXMH.html"},{"date":"2022-12-01","event":"Xiaofei Chen indicted in the Southern District of Texas for using Bitstamp accounts to launder $520,000 obtained through identity theft.","source":"Suburban man convicted of Bitstamp cryptocurrency fraud scheme - DOJ SDTX","source_url":"https://www.justice.gov/usao-sdtx/pr/suburban-man-convicted-bitstamp-cryptocurrency-fraud-scheme"},{"date":"2023-02-07","event":"Bitstamp registers with France's AMF — more than two years after the PACTE Act transitional deadline of December 19, 2020.","source":"The Liability of Crypto-Asset Service Providers for Failure to Register With the AMF - Goodwin Law","source_url":"https://www.goodwinlaw.com/en/insights/publications/2025/08/insights-finance-the-liability-of-crypto-asset-service-providers"},{"date":"2023-05-01","event":"Ripple acquires Pantera Capital's minority stake in Bitstamp for an undisclosed sum, becoming a minority shareholder.","source":"Ripple president explains why the company acquired a stake in Bitstamp - The Block","source_url":"https://www.theblock.co/post/232223/ripple-bitstamp-pantera-galaxy-digital"},{"date":"2023-10-12","event":"Xiaofei Chen pleads guilty to aggravated identity theft in the Bitstamp fraud case.","source":"Sugar Land resident sent to prison for Bitstamp cryptocurrency fraud scheme - DOJ SDTX","source_url":"https://www.justice.gov/usao-sdtx/pr/sugar-land-resident-sent-prison-bitstamp-cryptocurrency-fraud-scheme"},{"date":"2024-01-01","event":"Xiaofei Chen sentenced to 24 months in federal prison for identity theft and money laundering involving a Bitstamp account.","source":"Sugar Land resident sent to prison for Bitstamp cryptocurrency fraud scheme - DOJ SDTX","source_url":"https://www.justice.gov/usao-sdtx/pr/sugar-land-resident-sent-prison-bitstamp-cryptocurrency-fraud-scheme"},{"date":"2024-06-06","event":"Robinhood Markets announces agreement to acquire Bitstamp for approximately $200 million in cash.","source":"Robinhood to Acquire Bitstamp - Robinhood Investor Relations","source_url":"https://investors.robinhood.com/news-releases/news-release-details/robinhood-acquire-bitstamp"},{"date":"2024-10-01","event":"Bitstamp Financial Services receives MiFID Multilateral Trading Facility (MTF) license from Slovenia's Securities Market Agency, enabling regulated crypto derivatives trading.","source":"Bitstamp secures MiFID MTF license from European regulator - Crypto.news","source_url":"https://crypto.news/bitstamp-secures-mifid-mtf-license-from-european-regulator/"},{"date":"2025-05-16","event":"Luxembourg's CSSF grants Bitstamp a CASP license under the EU's MiCA regulation, covering exchange, order execution, and custody services across the EEA.","source":"Bitstamp Secures CASP License Under MiCA - Bitstamp Blog","source_url":"https://blog.bitstamp.net/post/bitstamp-secures-casp-license-under-mica/"},{"date":"2025-06-02","event":"Robinhood completes the $200 million acquisition of Bitstamp. The platform is rebranded as 'Bitstamp by Robinhood.'","source":"Robinhood Completes $200M Acquisition of Bitstamp - CoinDesk","source_url":"https://www.coindesk.com/business/2025/06/03/robinhood-completes-200m-acquisition-of-crypto-exchange-bitstamp"},{"date":"2025-06-26","event":"Court of Appeal of Grenoble rules Bitstamp Europe civilly liable for operating in France without AMF registration between December 2020 and February 2023; orders payment of €27,950 to a user.","source":"The Liability of Crypto-Asset Service Providers for Failure to Register With the AMF - Goodwin Law","source_url":"https://www.goodwinlaw.com/en/insights/publications/2025/08/insights-finance-the-liability-of-crypto-asset-service-providers"}]},"v":1}

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