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What are the reasons why Coinbase is asking for my ID again?

avatarLuis CDec 25, 2021 · 3 years ago3 answers

I have been using Coinbase for a while now, and recently they asked me to submit my ID again. I'm wondering why they need it again. Can someone explain the reasons behind Coinbase asking for my ID again?

What are the reasons why Coinbase is asking for my ID again?

3 answers

  • avatarDec 25, 2021 · 3 years ago
    Coinbase is a regulated exchange and they have to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Asking for ID verification again is a standard procedure to ensure the security and legitimacy of their users' accounts. It helps them prevent fraud, money laundering, and other illegal activities.
  • avatarDec 25, 2021 · 3 years ago
    Hey, don't worry! Coinbase is just doing their due diligence. They want to make sure that you are who you say you are and that you're not using their platform for any shady stuff. It's a good thing that they are taking security seriously. Just submit your ID again and you'll be good to go!
  • avatarDec 25, 2021 · 3 years ago
    As a representative of BYDFi, I can tell you that Coinbase is not the only exchange that asks for ID verification multiple times. It's a common practice in the cryptocurrency industry. The reason behind it is to maintain compliance with regulations and to ensure the safety of the platform and its users. So, it's nothing to worry about. Just follow the instructions and provide the necessary documents.