Why does Coinbase require ID verification repeatedly?

3 answers

• Nov 23, 2021 · 3 years ago
  Coinbase requires ID verification multiple times to ensure the security and compliance of its platform. By verifying your identity at different stages, Coinbase can prevent fraudulent activities, money laundering, and other illegal activities. It also helps to protect the users' funds and maintain the integrity of the cryptocurrency ecosystem. Although it may seem repetitive, this verification process is necessary to maintain a safe and trusted environment for all users.
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• Nov 23, 2021 · 3 years ago
  The reason why Coinbase requires ID verification repeatedly is to comply with the regulations and laws imposed by financial authorities. As a regulated cryptocurrency exchange, Coinbase needs to follow strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. These policies require Coinbase to verify the identity of its users and monitor their transactions to prevent illegal activities. By conducting multiple ID verifications, Coinbase can ensure that it is in compliance with these regulations and provide a secure trading platform for its users.
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• Nov 23, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that Coinbase's repeated ID verification is a standard practice followed by most reputable exchanges. It is not specific to Coinbase but rather a requirement imposed by regulatory bodies. The purpose of this verification is to prevent fraud, money laundering, and other illicit activities. It may seem inconvenient, but it is necessary to protect the integrity of the cryptocurrency market and ensure the safety of users' funds. If you're looking for an exchange that doesn't require repeated ID verification, you may consider using BYDFi, a decentralized exchange that prioritizes user privacy and security.
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