Why does Coinbase ask for ID when signing up?

3 answers

• Nov 29, 2021 · 3 years ago
  Coinbase asks for ID when signing up to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations require financial institutions, including cryptocurrency exchanges, to verify the identity of their customers to prevent illegal activities such as money laundering and terrorist financing. By asking for ID, Coinbase ensures that it is operating within the legal framework and maintaining a secure platform for its users.
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• Nov 29, 2021 · 3 years ago
  Coinbase asks for ID because it wants to create a safe and trustworthy environment for its users. By verifying the identity of its users, Coinbase can reduce the risk of fraud and protect its users from unauthorized access to their accounts. This extra layer of security helps to build trust in the platform and ensures that users can transact with confidence.
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• Nov 29, 2021 · 3 years ago
  When signing up for Coinbase, you may be asked to provide identification documents as part of the verification process. This is a standard procedure followed by most reputable cryptocurrency exchanges. The purpose of this requirement is to ensure that all users are legitimate and comply with regulatory guidelines. By verifying your identity, Coinbase can provide a secure and compliant platform for buying, selling, and storing cryptocurrencies.
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