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Why is ID verification necessary on Coinbase?

avatarAriesta Tyllas FebrianyNov 25, 2021 · 3 years ago3 answers

What is the reason behind the requirement of ID verification on Coinbase?

Why is ID verification necessary on Coinbase?
ID Verification
Coinbase
Cryptocurrency

3 answers

  • avatarNov 25, 2021 · 3 years ago
    ID verification is necessary on Coinbase to ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. By verifying users' identities, Coinbase can prevent fraud, money laundering, and other illegal activities on its platform. This helps to maintain the integrity of the cryptocurrency market and protect users' funds.
  • avatarNov 25, 2021 · 3 years ago
    Coinbase requires ID verification to establish trust and security on its platform. By verifying users' identities, Coinbase can ensure that only legitimate individuals are using their services. This helps to prevent unauthorized access to accounts and protects users' funds from potential hackers or scammers.
  • avatarNov 25, 2021 · 3 years ago
    ID verification is a standard practice in the cryptocurrency industry, and Coinbase is no exception. It is a necessary step to comply with regulatory requirements and prevent illegal activities. By verifying users' identities, Coinbase can create a safer and more transparent environment for cryptocurrency trading.

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