Palau Digital Residency ID - To Open a Crypto Account on Bitstamp Exchange? (Field Report #26)

By Parviz Malakouti-Fitzgerald, Esq.

Website homepage of Bitstamp Crypto Exchange

This article is part of our series exploring what exactly the Palau digital residency ID can be used for.

I made my 24th attempt to use the Palau digital residency ID (“the ID”) in November, 2024. 

I tried to use the Palau ID to account registration and verification on Bitstamp crypto exchange.  

Result: Unsuccessful. 

Explanation: I signed up with Bitstamp crypto exchange. 

After registering an account, I attempted to verify my identity by using the Palau digital residency ID.

Bitstamp's Desktop instructions to continue KYC on your phone

Bitstamp's KYC process requests the applicant to provide one of the following types of official photo ID: 

• Driver license

• National identity card

• Passport

• Residency permit 

Bitstamp's options for ID verification

I selected “Residence permit” and proceeded to the next screen which requested an upload of my official photo ID. I uploaded the front and back of the Palau digital residency ID.

I was then taken to a new screen indicating the upload was successful. 

Bitstamp's "Uploads successful" screen

The very same day, less than an hour later, I received an email from Bitstamp indicating Bitstamp was “unable to accept the type of identity document you have submitted.” 

Bitstamp's ID verification failure email - Palau digital residency ID rejected

This attempted use case of the Palau digital residency ID for verifying identity with Bitstamp is therefore unsuccessful. 

I’ll continue trying to use the Palau ID, and report the results here on Malakouti Law.