Why does Coinbase require SSN for account verification?

3 answers

• May 07, 2022 · 3 years ago
  Coinbase requires users to provide their SSN for account verification in order to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. By collecting this information, Coinbase can verify the identity of its users and ensure that they are not engaging in illegal activities such as money laundering or terrorist financing. This helps to protect both the users of the platform and the integrity of the cryptocurrency market as a whole.
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• May 07, 2022 · 3 years ago
  The requirement for SSN verification is a common practice among regulated cryptocurrency exchanges like Coinbase. It is a way for the exchange to ensure that its users are who they claim to be and to prevent fraudulent activities. By verifying users' identities, Coinbase can provide a more secure and trustworthy platform for buying, selling, and storing cryptocurrencies.
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• May 07, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that Coinbase is not the only exchange that requires SSN verification. Many other reputable exchanges also have similar requirements. This is because governments and regulatory bodies around the world are increasingly cracking down on money laundering and other illegal activities in the cryptocurrency space. By implementing strict verification procedures, exchanges like Coinbase are able to operate within the boundaries of the law and provide a safe environment for their users.
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