How can a screenshot of a bank statement be used to verify a user's identity on a cryptocurrency exchange?

3 answers

• Tara KenyonSep 27, 2024 · a year ago
  A cryptocurrency exchange may require a screenshot of a bank statement for identity verification to ensure that the user has a legitimate source of funds and to comply with anti-money laundering (AML) regulations. By verifying the user's bank account, the exchange can confirm that the user is not involved in any illicit activities and can safely engage in cryptocurrency transactions.
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• Shawn DupeeApr 18, 2021 · 4 years ago
  Using a screenshot of a bank statement as part of the identity verification process on a cryptocurrency exchange helps establish the user's financial credibility. It allows the exchange to verify the user's identity, address, and financial standing, which are crucial factors in preventing fraud and ensuring a secure trading environment.
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• Jerome ShandJul 23, 2020 · 5 years ago
  At BYDFi, we understand the importance of verifying a user's identity to maintain the integrity of our platform. By requesting a screenshot of a bank statement, we can ensure that our users are legitimate and comply with regulatory requirements. This helps us create a safe and trustworthy environment for cryptocurrency trading.
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