How does Coinbase use my ID for cryptocurrency transactions?

3 answers

• Dec 30, 2021 · 3 years ago
  Coinbase uses your ID for cryptocurrency transactions to comply with regulatory requirements and ensure the security of their platform. By verifying your identity, they can prevent fraud, money laundering, and other illegal activities. Your ID is used to confirm your identity and establish trust between you and Coinbase. It also helps Coinbase to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
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• Dec 30, 2021 · 3 years ago
  When you provide your ID to Coinbase, they use it to verify your identity and ensure that you are who you claim to be. This helps to prevent unauthorized access to your account and protects your funds. Coinbase takes the security of your personal information seriously and has measures in place to safeguard it.
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• Dec 30, 2021 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi (Binance) also utilizes ID verification for cryptocurrency transactions. Similar to Coinbase, BYDFi uses your ID to comply with regulatory requirements and prevent illegal activities. Your ID is securely stored and used solely for the purpose of verifying your identity and ensuring the security of your transactions.
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