What is the purpose of Coinbase asking for my bank account number?

3 answers

• May 12, 2022 · 3 years ago
  Coinbase asks for your bank account number to verify your identity and ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. By linking your bank account, Coinbase can confirm that you are the legitimate owner of the account and prevent fraudulent activities. This also allows Coinbase to facilitate seamless transfers between your bank account and your Coinbase account.
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• May 12, 2022 · 3 years ago
  Coinbase needs your bank account number to establish a secure connection between your bank and Coinbase. This connection enables you to deposit funds from your bank account to your Coinbase account and withdraw funds from your Coinbase account to your bank account. It's a necessary step to ensure the smooth functioning of transactions and to provide you with a convenient way to manage your funds.
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• May 12, 2022 · 3 years ago
  When you sign up for a Coinbase account, they ask for your bank account number to ensure the security and integrity of their platform. By verifying your bank account, Coinbase can add an extra layer of protection to your account and reduce the risk of unauthorized access. Additionally, linking your bank account allows Coinbase to offer you more advanced features and services, such as instant purchases and higher transaction limits.
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