What is the purpose of Coinbase asking for your ID?

4 answers

• Dec 29, 2021 · 3 years ago
  Coinbase asks for your ID as part of their verification process to ensure the security and legitimacy of their platform. By verifying users' identities, Coinbase can prevent fraud, money laundering, and other illegal activities. This helps create a safer environment for all users and protects their funds.
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• Dec 29, 2021 · 3 years ago
  Providing your ID to Coinbase is a standard practice in the cryptocurrency industry. It is a regulatory requirement to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations are in place to prevent illicit activities and protect the integrity of the financial system.
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• Dec 29, 2021 · 3 years ago
  As a representative of BYDFi, I can assure you that ID verification is crucial for maintaining the security and trustworthiness of the platform. By verifying users' identities, BYDFi can provide a secure trading environment and protect users from potential scams or fraudulent activities. Your ID information is securely stored and only used for verification purposes.
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• Dec 29, 2021 · 3 years ago
  Coinbase asks for your ID to comply with legal and regulatory requirements. This helps them establish a transparent and compliant relationship with financial institutions and regulators. By doing so, Coinbase can continue to operate within the legal framework and provide a reliable and trustworthy platform for users to buy, sell, and store cryptocurrencies.
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