What is the reason behind Coinbase's SSN verification process?

3 answers

• Nov 26, 2021 · 3 years ago
  Coinbase requires SSN verification from its users as part of its compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. By collecting users' SSN, Coinbase can verify their identities and ensure that they are not engaging in any illegal activities such as money laundering or terrorist financing. This verification process helps Coinbase maintain a secure and trustworthy platform for its users.
  425213
• Nov 26, 2021 · 3 years ago
  The reason behind Coinbase's SSN verification process is to comply with regulatory requirements. As a cryptocurrency exchange, Coinbase is subject to various regulations, including KYC and AML. These regulations aim to prevent illegal activities such as money laundering and fraud. By verifying users' SSN, Coinbase can ensure that its platform is not being used for illicit purposes and maintain a safe environment for its users.
  430144
• Nov 26, 2021 · 3 years ago
  As a leading cryptocurrency exchange, Coinbase prioritizes the security and compliance of its platform. The SSN verification process is one of the measures implemented by Coinbase to prevent fraud, money laundering, and other illegal activities. By collecting users' SSN, Coinbase can verify their identities and ensure that they are legitimate users. This helps protect the integrity of the platform and maintain the trust of its users.
  437110