What is the reason behind uploading ID to increase the limit on Coinbase?

3 answers

• stefanoMay 13, 2021 · 4 years ago
  Coinbase requires users to upload their ID for verification purposes. By verifying the identity of its users, Coinbase aims to ensure a secure and compliant trading environment. This helps prevent fraud, money laundering, and other illegal activities. Additionally, ID verification allows Coinbase to comply with regulatory requirements and maintain a trustworthy reputation in the cryptocurrency industry.
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• Armand KeulderMar 08, 2023 · 2 years ago
  Uploading ID to increase the limit on Coinbase is a standard practice in the cryptocurrency world. It helps protect users' accounts and funds by adding an extra layer of security. By verifying the identity of its users, Coinbase can better detect and prevent unauthorized access to accounts, reducing the risk of hacking and theft. This requirement also helps Coinbase comply with anti-money laundering (AML) and know your customer (KYC) regulations.
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• AkonJul 20, 2021 · 4 years ago
  When it comes to increasing account limits on Coinbase, uploading ID is a necessary step. This helps Coinbase ensure the safety and security of its platform and users. By verifying the identity of users, Coinbase can prevent fraudulent activities and maintain a trusted trading environment. It's a standard procedure followed by many reputable cryptocurrency exchanges, including BYDFi, to protect the interests of users and comply with regulatory requirements.
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