Why does Coinbase require my social security number for cryptocurrency transactions?

3 answers

• Ind AliMar 11, 2022 · 3 years ago
  Coinbase requires your social security number for cryptocurrency transactions 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 social security number, Coinbase can verify your identity and ensure that you are not engaged in any illicit activities. Your personal information is securely stored and protected by Coinbase's robust security measures.
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• Saurabh MishraApr 23, 2022 · 3 years ago
  The reason Coinbase asks for your social security number is to comply with regulatory requirements. Cryptocurrency transactions are subject to the same regulations as traditional financial transactions, and Coinbase, as a regulated exchange, must adhere to these rules. By collecting your social security number, Coinbase can verify your identity and ensure that you are not involved in any illegal activities. It's a necessary step to protect both you and the platform from potential risks.
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• Combs NeumannFeb 11, 2023 · 3 years ago
  When it comes to KYC regulations, Coinbase is no exception. Just like other reputable exchanges, Coinbase is required to collect certain personal information, including your social security number, to verify your identity and comply with anti-money laundering regulations. This is a standard practice in the cryptocurrency industry to ensure the legitimacy of transactions and prevent fraudulent activities. Rest assured that Coinbase takes the security and privacy of your personal information seriously and has implemented robust measures to protect it.
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