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What is the role of SSN in Coinbase account verification process?

avatarFerminDec 26, 2021 · 3 years ago3 answers

Can you explain the significance of Social Security Number (SSN) in the account verification process of Coinbase? Why does Coinbase require users to provide their SSN?

What is the role of SSN in Coinbase account verification process?
Coinbase
SSN
Account Verification

3 answers

  • avatarDec 26, 2021 · 3 years ago
    The SSN plays a crucial role in the Coinbase account verification process. It is required by Coinbase to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. By collecting users' SSN, Coinbase can verify their identities and ensure that they are not involved in any illicit activities. This helps to maintain a secure and trustworthy platform for all users.
  • avatarDec 26, 2021 · 3 years ago
    Providing your SSN to Coinbase is a standard practice in the cryptocurrency industry. It is a necessary step to prevent fraud, money laundering, and other illegal activities. Coinbase takes the security and privacy of its users seriously, and the collection of SSN is part of their efforts to create a safe trading environment for everyone.
  • avatarDec 26, 2021 · 3 years ago
    As a leading cryptocurrency exchange, Coinbase is committed to complying with regulatory requirements. The collection of SSN is mandated by government regulations to prevent identity theft, fraud, and money laundering. By verifying users' identities through their SSN, Coinbase can ensure the integrity of its platform and protect its users from potential risks.

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