How does Coinbase justify the 6-day waiting period for cryptocurrency transactions?

3 answers

• BriefgardeApr 27, 2023 · 2 years ago
  Coinbase justifies the 6-day waiting period for cryptocurrency transactions as a security measure. By implementing this waiting period, Coinbase aims to prevent fraudulent activities and ensure the safety of user funds. The waiting period allows Coinbase to thoroughly review and verify transactions, reducing the risk of unauthorized or fraudulent transactions. Additionally, it provides time for users to double-check their transactions and address any potential errors or issues. While the waiting period may inconvenience some users, Coinbase prioritizes security and compliance to protect its users and maintain the integrity of the cryptocurrency ecosystem.
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• shivam nautiyalJun 16, 2021 · 4 years ago
  The 6-day waiting period for cryptocurrency transactions on Coinbase might seem frustrating, but it serves a purpose. Coinbase, like many other cryptocurrency exchanges, faces security challenges due to the decentralized nature of cryptocurrencies. The waiting period allows Coinbase to conduct thorough security checks, including verifying the source of funds and ensuring compliance with anti-money laundering (AML) and know your customer (KYC) regulations. By implementing this waiting period, Coinbase aims to protect its users from potential fraud and maintain a secure trading environment.
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• AMSMARTINSMar 20, 2021 · 4 years ago
  As a representative of BYDFi, I can provide some insights into the waiting period for cryptocurrency transactions. Coinbase, like many other exchanges, has implemented this waiting period to comply with regulatory requirements. The 6-day waiting period allows Coinbase to perform necessary due diligence and ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. It also provides an additional layer of security by allowing Coinbase to thoroughly review and verify transactions. While the waiting period may seem inconvenient, it is a necessary step to maintain a secure and compliant trading platform.
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