What is the purpose of verifying my ID for a Litecoin transaction on Coinbase?

3 answers

• May 11, 2022 · 3 years ago
  Verifying your ID for a Litecoin transaction on Coinbase is a security measure to ensure the safety and legitimacy of the transaction. By verifying your ID, Coinbase can confirm your identity and prevent fraudulent activities. It also helps in complying with regulatory requirements and preventing money laundering.
  315

  158
• May 11, 2022 · 3 years ago
  Coinbase requires ID verification for Litecoin transactions to protect its users and maintain a trusted platform. Verifying your ID helps prevent unauthorized access to your account and ensures that only legitimate transactions are processed. It's a way for Coinbase to provide a secure environment for buying, selling, and storing cryptocurrencies.
  349

  117
• May 11, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that ID verification is a standard practice for most reputable exchanges, including Coinbase. It's a necessary step to comply with anti-money laundering (AML) and know your customer (KYC) regulations. By verifying your ID, Coinbase can ensure a safer and more transparent trading environment for all users.
  366

  92