Why does Coinbase require ID verification for cryptocurrency transactions?

3 answers

• Jan 02, 2022 · 3 years ago
  Coinbase requires ID verification for cryptocurrency transactions to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations are in place to prevent illegal activities such as money laundering and terrorist financing. By verifying the identity of their users, Coinbase can ensure a safer and more secure trading environment for everyone.
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• Jan 02, 2022 · 3 years ago
  ID verification is a common practice in the cryptocurrency industry. It helps exchanges like Coinbase to establish trust with their users and maintain a high level of security. By verifying the identity of their users, Coinbase can reduce the risk of fraud and protect against unauthorized transactions.
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• Jan 02, 2022 · 3 years ago
  As a representative of BYDFi, I can tell you that ID verification is an essential part of ensuring the security and integrity of cryptocurrency transactions. It helps prevent identity theft, fraud, and money laundering. Coinbase takes user security seriously, and the ID verification process is designed to protect both the users and the platform from potential risks.
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