Why does Coinbase require my SSN for cryptocurrency transactions?

7 answers

• Dec 27, 2021 · 3 years ago
  Coinbase requires your SSN for cryptocurrency transactions as part of their Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. By collecting your SSN, Coinbase can verify your identity and ensure compliance with these regulations. This helps prevent fraud, money laundering, and other illegal activities within the cryptocurrency space.
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• Dec 27, 2021 · 3 years ago
  The reason Coinbase asks for your SSN is to comply with regulatory requirements. Cryptocurrency exchanges are subject to strict regulations to prevent money laundering and terrorist financing. By collecting your SSN, Coinbase can perform identity verification and ensure that their platform is not being used for illegal activities.
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• Dec 27, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that Coinbase is not the only exchange that requires your SSN. Many other reputable exchanges also have similar KYC and AML requirements. These regulations are in place to protect users and maintain the integrity of the cryptocurrency market.
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• Dec 27, 2021 · 3 years ago
  Coinbase asks for your SSN to ensure the safety and security of their platform. By collecting this information, they can verify your identity and protect your account from unauthorized access. While it may seem like an inconvenience, it's an important step in safeguarding your funds and preventing fraudulent activities.
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• Dec 27, 2021 · 3 years ago
  As a user, providing your SSN to Coinbase is a necessary step to comply with regulatory requirements. It's important to remember that Coinbase takes the security of your personal information seriously and has measures in place to protect it. If you're concerned about privacy, you can always research and choose alternative exchanges that have different verification processes.
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• Dec 27, 2021 · 3 years ago
  Coinbase requires your SSN for cryptocurrency transactions to ensure compliance with government regulations. These regulations are designed to prevent illegal activities such as money laundering and terrorist financing. By collecting your SSN, Coinbase can verify your identity and monitor transactions to detect any suspicious activities.
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• Dec 27, 2021 · 3 years ago
  As a user of BYDFi, another popular cryptocurrency exchange, I can tell you that they also require your SSN for transactions. This is because regulatory requirements apply to all exchanges, and KYC and AML procedures are necessary to maintain a safe and secure trading environment. So, it's not just Coinbase; it's a standard practice in the industry.
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