What is the purpose of Coinbase requesting ID verification?

3 answers

• Feb 17, 2022 · 3 years ago
  Coinbase requires users to verify their ID in order to comply with regulatory requirements and prevent fraud. By verifying users' identities, Coinbase can ensure that it is operating within the legal framework and is not facilitating any illegal activities. Additionally, ID verification helps Coinbase establish trust with its users and provides an added layer of security to protect against unauthorized access to accounts.
  425213
• Feb 17, 2022 · 3 years ago
  The purpose of Coinbase requesting ID verification is to ensure the safety and security of its platform. By verifying users' identities, Coinbase can prevent fraudulent activities such as money laundering and identity theft. This helps protect both the users and the integrity of the cryptocurrency market as a whole. ID verification also allows Coinbase to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are important measures in the fight against financial crimes.
  507169
• Feb 17, 2022 · 3 years ago
  As a leading cryptocurrency exchange, Coinbase prioritizes the security and compliance of its platform. By requesting ID verification, Coinbase can verify the identity of its users and ensure that they are not engaging in any illegal activities. This helps protect the integrity of the cryptocurrency market and maintain a safe trading environment for all users. Additionally, ID verification allows Coinbase to comply with regulatory requirements and establish trust with its users, which is crucial for the long-term success of the platform.
  543136