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What are the security measures in place that necessitate Coinbase asking for my SSN?

avatarkishore lankalapalliDec 26, 2021 · 3 years ago7 answers

Can you explain the security measures that Coinbase has in place which require them to ask for my Social Security Number (SSN)?

What are the security measures in place that necessitate Coinbase asking for my SSN?

7 answers

  • avatarDec 26, 2021 · 3 years ago
    Coinbase asks for your SSN as part of their security measures to ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. By collecting your SSN, Coinbase can verify your identity and prevent fraudulent activities on their platform. This helps protect both you and the exchange from potential risks.
  • avatarDec 26, 2021 · 3 years ago
    Coinbase requires your SSN to comply with government regulations and to prevent illegal activities such as money laundering and terrorist financing. By verifying your identity through your SSN, Coinbase can ensure a safer trading environment for all users.
  • avatarDec 26, 2021 · 3 years ago
    As a representative of BYDFi, I can tell you that Coinbase asks for your SSN due to regulatory requirements. These measures are in place to protect the integrity of the financial system and prevent illicit activities. Rest assured that your personal information is handled securely and in accordance with industry standards.
  • avatarDec 26, 2021 · 3 years ago
    Coinbase's request for your SSN is a standard practice in the cryptocurrency industry. It is necessary for them to comply with regulations and maintain a secure trading environment. By providing your SSN, you are helping to ensure the legitimacy and integrity of the platform.
  • avatarDec 26, 2021 · 3 years ago
    Coinbase's requirement for your SSN is part of their commitment to maintaining a secure and compliant trading platform. By collecting this information, they can verify your identity and prevent unauthorized access to your account. This is a necessary step to protect your funds and personal information.
  • avatarDec 26, 2021 · 3 years ago
    Coinbase asks for your SSN to comply with regulatory requirements and prevent fraudulent activities. Your SSN is securely stored and only used for verification purposes. This is a standard procedure in the industry and helps maintain a safe and trustworthy trading environment.
  • avatarDec 26, 2021 · 3 years ago
    Coinbase's request for your SSN is a precautionary measure to ensure the security of their platform. By verifying your identity through your SSN, Coinbase can mitigate the risk of fraudulent accounts and unauthorized transactions. This is in line with industry best practices and regulatory standards.