What is the purpose of Coinbase's 10-day waiting period?

3 answers

• Dec 18, 2021 · 3 years ago
  The purpose of Coinbase's 10-day waiting period for transactions is to provide an extra layer of security and protection for users. By implementing this waiting period, Coinbase aims to prevent unauthorized access to user accounts and reduce the risk of fraudulent activities. During the waiting period, Coinbase conducts thorough verification and authentication processes to ensure the legitimacy of the transaction and the safety of user funds. This waiting period also allows Coinbase to comply with regulatory requirements and perform necessary due diligence. Overall, the waiting period is designed to enhance the security and trustworthiness of Coinbase as a cryptocurrency exchange.
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• Dec 18, 2021 · 3 years ago
  Coinbase's 10-day waiting period is a precautionary measure to mitigate the risk of chargebacks and fraudulent transactions. It provides Coinbase with sufficient time to verify the authenticity of the transaction and ensure that the funds being transferred are legitimate. This waiting period also allows Coinbase to comply with anti-money laundering (AML) and know your customer (KYC) regulations. While it may seem inconvenient for users who want to quickly buy or sell cryptocurrencies, the waiting period ultimately benefits all users by reducing the likelihood of fraud and maintaining the integrity of the platform.
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• Dec 18, 2021 · 3 years ago
  As a third-party observer, it is important to note that Coinbase's 10-day waiting period is a standard practice in the cryptocurrency industry. This waiting period is not unique to Coinbase and is implemented by many reputable exchanges to protect users and comply with regulatory requirements. While the waiting period may seem lengthy, it is a necessary measure to ensure the security and legitimacy of transactions. By patiently waiting for the completion of the verification process, users can have peace of mind knowing that their funds are being handled with utmost care and diligence.
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