What are the security measures in place that necessitate Coinbase asking for my SSN?

7 answers

• Ceballos-San MDSep 11, 2024 · a year ago
  Coinbase asks for your SSN as part of their security measures to ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. By collecting your SSN, Coinbase can verify your identity and prevent fraudulent activities on their platform. This helps protect both you and the exchange from potential risks.
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• Daniela ChamorroAug 13, 2020 · 5 years ago
  Coinbase requires your SSN to comply with government regulations and to prevent illegal activities such as money laundering and terrorist financing. By verifying your identity through your SSN, Coinbase can ensure a safer trading environment for all users.
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• Aditya VegesnaJul 20, 2023 · 2 years ago
  As a representative of BYDFi, I can tell you that Coinbase asks for your SSN due to regulatory requirements. These measures are in place to protect the integrity of the financial system and prevent illicit activities. Rest assured that your personal information is handled securely and in accordance with industry standards.
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• Hamza RezektiJan 16, 2024 · 2 years ago
  Coinbase's request for your SSN is a standard practice in the cryptocurrency industry. It is necessary for them to comply with regulations and maintain a secure trading environment. By providing your SSN, you are helping to ensure the legitimacy and integrity of the platform.
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• mjj4884Oct 09, 2024 · a year ago
  Coinbase's requirement for your SSN is part of their commitment to maintaining a secure and compliant trading platform. By collecting this information, they can verify your identity and prevent unauthorized access to your account. This is a necessary step to protect your funds and personal information.
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• Mahmoud SabryJan 03, 2024 · 2 years ago
  Coinbase asks for your SSN to comply with regulatory requirements and prevent fraudulent activities. Your SSN is securely stored and only used for verification purposes. This is a standard procedure in the industry and helps maintain a safe and trustworthy trading environment.
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• Tara KenyonJul 01, 2023 · 2 years ago
  Coinbase's request for your SSN is a precautionary measure to ensure the security of their platform. By verifying your identity through your SSN, Coinbase can mitigate the risk of fraudulent accounts and unauthorized transactions. This is in line with industry best practices and regulatory standards.
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