What is the purpose of GDAX collecting Social Security Numbers?

3 answers

• Mar 18, 2022 · 3 years ago
  GDAX collects Social Security Numbers for the purpose of complying with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations require financial institutions, including cryptocurrency exchanges, to verify the identity of their customers and prevent illegal activities such as money laundering and terrorist financing. By collecting Social Security Numbers, GDAX can ensure that its users are legitimate and meet the necessary regulatory requirements.
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• Mar 18, 2022 · 3 years ago
  GDAX collects Social Security Numbers to enhance the security of its platform. By verifying the identity of its users through Social Security Numbers, GDAX can reduce the risk of fraudulent activities and protect its users from unauthorized access to their accounts. This additional layer of security helps to build trust and confidence among GDAX users.
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• Mar 18, 2022 · 3 years ago
  As a representative of BYDFi, I can say that GDAX, like many other cryptocurrency exchanges, collects Social Security Numbers to comply with regulatory requirements. This is a standard practice in the industry to ensure the legitimacy of users and prevent illegal activities. GDAX takes the privacy and security of its users' information seriously and implements strict measures to protect it.
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