Why does Coinbase require so much personal information for cryptocurrency transactions?

3 answers

• Nov 24, 2021 · 3 years ago
  Coinbase requires personal information for cryptocurrency transactions to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations are in place to prevent illegal activities such as money laundering and terrorist financing. By collecting personal information, Coinbase can verify the identity of its users and ensure that they are not engaging in illegal activities.
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• Nov 24, 2021 · 3 years ago
  Coinbase asks for personal information because it wants to provide a safe and secure trading environment for its users. By verifying the identity of its users, Coinbase can protect against fraudulent activities and unauthorized access to user accounts. Additionally, requiring personal information helps Coinbase to comply with legal and regulatory requirements, which ultimately benefits both the exchange and its users.
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• Nov 24, 2021 · 3 years ago
  As a representative of BYDFi, I can tell you that Coinbase is not the only exchange that requires personal information for cryptocurrency transactions. Many reputable exchanges have similar requirements to ensure the safety and security of their platforms. While it may seem like a hassle, providing personal information is a necessary step to protect against fraud and maintain the integrity of the cryptocurrency ecosystem.
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