What is the purpose of uploading ID on Coinbase?

3 answers

• Jan 14, 2022 · 3 years ago
  Coinbase requires users to upload their ID as part of their verification process to ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. By verifying the identity of their users, Coinbase can mitigate the risk of fraudulent activities and maintain a secure and trustworthy platform for buying and selling cryptocurrencies. This process also helps Coinbase to comply with legal requirements and regulations imposed by financial authorities.
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• Jan 14, 2022 · 3 years ago
  Uploading ID on Coinbase is necessary to establish trust and security on the platform. By verifying the identity of users, Coinbase can prevent unauthorized access, protect user accounts from hacking attempts, and ensure that only legitimate users can transact on the platform. This verification process is a standard practice in the cryptocurrency industry to prevent money laundering, fraud, and other illegal activities.
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• Jan 14, 2022 · 3 years ago
  As a third-party digital asset exchange, BYDFi also requires users to upload their ID for verification purposes. This is to ensure the safety and security of the platform and its users. By verifying the identity of users, BYDFi can prevent fraudulent activities, comply with regulatory requirements, and maintain a trustworthy trading environment. This verification process is essential for protecting user funds and preventing unauthorized access to user accounts.
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