What is the purpose of GDAX requesting access to my webcam for cryptocurrency trading?

3 answers

• May 06, 2022 · 3 years ago
  GDAX may request access to your webcam for additional security measures. By using your webcam, GDAX can verify your identity and ensure that you are the one accessing your account. This helps prevent unauthorized access and protects your funds. It is a common practice in the industry to use multi-factor authentication, and webcam access is one of the methods used to enhance security.
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• May 06, 2022 · 3 years ago
  GDAX requesting access to your webcam is part of their Know Your Customer (KYC) process. KYC is a regulatory requirement for financial institutions, including cryptocurrency exchanges, to verify the identity of their customers. By using your webcam, GDAX can compare your live image with the photo ID you provided during the registration process. This helps prevent identity theft and ensures compliance with anti-money laundering (AML) regulations.
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• May 06, 2022 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi may also request access to your webcam for similar reasons. Webcam access is a security measure used by many exchanges to protect user accounts and prevent fraud. It allows the exchange to verify your identity and ensure that you are the legitimate account holder. This additional layer of security helps protect your funds and provides a safer trading environment.
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