What are the reasons behind Coinbase's need for my social security number in the context of cryptocurrency?

3 answers

• Dec 18, 2021 · 3 years ago
  Coinbase requires your social security number for identity verification purposes. This is to ensure that you are a real person and not engaged in any fraudulent activities. It is a standard practice in the cryptocurrency industry to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. By providing your social security number, Coinbase can verify your identity and ensure the security of your account and transactions.
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• Dec 18, 2021 · 3 years ago
  Coinbase needs your social security number to comply with regulatory requirements. Cryptocurrency exchanges are subject to strict regulations to prevent money laundering and other illegal activities. By collecting your social security number, Coinbase can verify your identity and ensure compliance with these regulations. It is a necessary step to protect both the exchange and its users.
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• Dec 18, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that Coinbase's requirement for your social security number is a standard practice. It is not specific to Coinbase but is a common requirement among reputable exchanges. The purpose is to ensure the security and integrity of the platform and to comply with regulatory guidelines. By providing your social security number, you are helping to create a safer environment for cryptocurrency trading.
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