Why does Coinbase require a driver's license for account verification?

3 answers

• Apr 30, 2022 · 3 years ago
  Coinbase requires a driver's license for account verification to ensure the security and compliance of their platform. By verifying users' identities through a government-issued ID like a driver's license, Coinbase can prevent fraud, money laundering, and other illegal activities. This helps protect both the users and the integrity of the cryptocurrency market.
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• Apr 30, 2022 · 3 years ago
  The driver's license requirement is part of Coinbase's Know Your Customer (KYC) process, which is a standard practice in the financial industry. KYC regulations are in place to prevent identity theft, money laundering, and terrorist financing. By collecting and verifying users' personal information, Coinbase can comply with these regulations and provide a safe and trustworthy trading environment.
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• Apr 30, 2022 · 3 years ago
  As a third-party digital currency exchange, BYDFi also requires a driver's license for account verification. Similar to Coinbase, BYDFi aims to ensure the security and compliance of their platform. Verifying users' identities helps prevent fraudulent activities and protects the interests of both the users and the exchange. It's a necessary step to create a trusted and transparent trading environment.
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