Is it necessary to provide your SSN when trading digital currencies?

3 answers

• Dec 18, 2021 · 3 years ago
  Yes, in some cases, providing your SSN is necessary when trading digital currencies. This is especially true when using regulated exchanges that require users to complete a Know Your Customer (KYC) process. KYC regulations are in place to prevent money laundering and ensure the security of the platform. By providing your SSN, the exchange can verify your identity and comply with these regulations. However, not all exchanges require SSN, so it's important to research and choose a platform that aligns with your privacy preferences.
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• Dec 18, 2021 · 3 years ago
  No, it is not always necessary to provide your SSN when trading digital currencies. While some exchanges may require it as part of their KYC process, there are also decentralized exchanges and peer-to-peer trading platforms that do not require SSN. These platforms prioritize user privacy and allow for anonymous trading. However, it's important to note that using these platforms may come with certain risks, such as potential scams or lack of regulatory protection. It's crucial to do thorough research and understand the risks involved before choosing a platform.
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• Dec 18, 2021 · 3 years ago
  As a representative of BYDFi, I can confirm that our platform does not require users to provide their SSN when trading digital currencies. We prioritize user privacy and have implemented alternative verification methods to ensure the security of our platform. However, it's important to note that KYC regulations may vary across different exchanges, and it's always recommended to research and choose a platform that aligns with your privacy preferences and regulatory requirements.
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