How does providing my SSN benefit Coinbase in the context of digital currency?

3 answers

• Dec 17, 2021 · 3 years ago
  Coinbase requires your Social Security Number (SSN) as part of their compliance with anti-money laundering (AML) and know your customer (KYC) regulations. By collecting your SSN, Coinbase can verify your identity and ensure that you are not engaged in any illegal activities. This helps to maintain the integrity of their platform and protect both their users and the digital currency ecosystem as a whole.
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• Dec 17, 2021 · 3 years ago
  Providing your SSN to Coinbase is a necessary step to comply with government regulations. It helps Coinbase to prevent fraud, money laundering, and other illicit activities. By verifying your identity through your SSN, Coinbase can ensure that only legitimate users are using their platform for digital currency transactions. So, while it may seem like an inconvenience, it ultimately benefits both Coinbase and its users by creating a safer and more secure environment for digital currency transactions.
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• Dec 17, 2021 · 3 years ago
  As a third-party expert in the digital currency industry, I can tell you that providing your SSN to Coinbase is a standard practice across many reputable exchanges. It is a requirement imposed by regulatory bodies to prevent illegal activities such as money laundering and terrorist financing. By collecting your SSN, Coinbase can comply with these regulations and maintain a high level of security and trust on their platform. Rest assured that your personal information is handled with utmost care and is only used for the intended purpose of ensuring compliance and security.
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