What are the reasons behind Robinhood asking for my SSN when trading digital currencies?

3 answers

• Dec 19, 2021 · 3 years ago
  When you trade digital currencies on Robinhood, they require your SSN for regulatory compliance purposes. This is because digital currencies are considered financial assets, and the government requires financial institutions to collect certain information, such as SSN, to prevent fraud and money laundering. So, providing your SSN helps Robinhood ensure that they are operating within the legal framework and maintaining a secure trading environment for their users.
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• Dec 19, 2021 · 3 years ago
  Robinhood asks for your SSN when trading digital currencies because they need to verify your identity. By collecting your SSN, they can confirm that you are a real person and not engaging in any fraudulent activities. This is a standard practice in the financial industry to ensure the security and integrity of the trading platform. So, don't worry, your SSN is kept confidential and used only for verification purposes.
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• Dec 19, 2021 · 3 years ago
  As a third-party expert, I can tell you that Robinhood asks for your SSN when trading digital currencies because they need 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 your SSN, Robinhood can verify your identity and ensure that you are not involved in any suspicious transactions. So, it's a necessary step to maintain the integrity of the platform and protect the interests of all users.
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