Why do cryptocurrency exchanges require proof of address from their users?

1 answers

• Karam BarakahApr 26, 2022 · 4 years ago
  Cryptocurrency exchanges require proof of address from their users as part of their due diligence process. This helps to ensure that the users are legitimate and not involved in any illegal activities. By verifying the address, exchanges can also prevent identity theft and protect their users from potential fraud. Additionally, proof of address is often required by regulatory authorities to comply with anti-money laundering and know your customer regulations. This is done to maintain the integrity of the cryptocurrency market and prevent illicit activities. It is a necessary step for exchanges to create a safe and secure trading environment for their users.
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