Why does Transak require my SSN for cryptocurrency transactions?

3 answers

• Davi AbiDec 17, 2025 · 6 months ago
  Transak requires your SSN for cryptocurrency transactions in order 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 SSN, Transak can verify your identity and ensure that you are not engaging in any illicit activities. Your personal information is securely stored and protected according to industry standards.
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• Prog RamOct 28, 2020 · 6 years ago
  Transak asks for your SSN because they want to make sure you're not a robot or a scammer. They need to verify your identity to protect their platform and other users from potential fraud. While it may seem like an inconvenience, providing your SSN helps maintain the security and integrity of the cryptocurrency ecosystem.
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• Mack HalbergMay 06, 2021 · 5 years ago
  As a third-party cryptocurrency platform, Transak is required by regulatory authorities to collect certain personal information, including your SSN, as part of their KYC and AML procedures. This is a standard practice in the cryptocurrency industry to prevent fraud, money laundering, and other illegal activities. Rest assured that Transak takes privacy and security seriously, and your information is handled with the utmost care and in compliance with applicable laws and regulations.
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