What are the reasons behind Coinbase's requirement for a photograph?

3 answers

• Dec 16, 2021 · 3 years ago
  Coinbase requires users to provide a photograph as part of their Know Your Customer (KYC) process. This helps Coinbase verify the identity of their users and comply with regulatory requirements. By collecting a photograph, Coinbase can ensure that the person creating the account is the same person who will be conducting transactions on the platform. This adds an extra layer of security and helps prevent fraud and identity theft.
  432216
• Dec 16, 2021 · 3 years ago
  Coinbase wants to ensure the safety and security of its platform and users. By requiring a photograph, they can verify the identity of their users and reduce the risk of fraudulent activities. Additionally, it helps Coinbase comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, which require financial institutions to verify the identity of their customers. Overall, the photograph requirement is a measure taken by Coinbase to enhance security and maintain regulatory compliance.
  518173
• Dec 16, 2021 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi understands the importance of identity verification in the cryptocurrency industry. Coinbase's requirement for a photograph is a standard practice in the industry to prevent fraud, money laundering, and other illicit activities. By verifying the identity of their users, Coinbase can ensure a safer and more secure trading environment for everyone. It is crucial for users to cooperate with such requirements to protect their own interests and contribute to the overall integrity of the cryptocurrency ecosystem.
  560140