What is the reason behind Coinbase's need for my SSN when using their platform for digital currency?

5 answers

• Dec 25, 2021 · 3 years ago
  Coinbase requires your Social Security Number (SSN) for several reasons. Firstly, it is a regulatory requirement imposed by the Financial Crimes Enforcement Network (FinCEN) in the United States. Coinbase, as a registered Money Services Business (MSB), is obligated to comply with anti-money laundering (AML) and know your customer (KYC) regulations. Collecting your SSN helps Coinbase verify your identity and ensure compliance with these regulations. Additionally, it helps Coinbase prevent fraud, unauthorized access, and money laundering activities on their platform. Your SSN is securely stored and protected by Coinbase's robust security measures.
  653327
• Dec 25, 2021 · 3 years ago
  Hey there! So, Coinbase asks for your Social Security Number (SSN) because they want to make sure you're not a robot or a scammer. They need to verify your identity and comply with the regulations set by the government. It's all about keeping the platform safe and secure for everyone. So, don't worry, your SSN is in good hands with Coinbase.
  343115
• Dec 25, 2021 · 3 years ago
  Well, let me tell you why Coinbase needs your Social Security Number (SSN). It's all about following the rules and regulations. You see, Coinbase is a registered Money Services Business (MSB) and they have to comply with the Financial Crimes Enforcement Network (FinCEN) regulations. These regulations require Coinbase to collect certain information, including your SSN, to prevent money laundering and ensure the safety of their platform. So, it's not just Coinbase being nosy, it's about keeping the bad guys out and protecting your assets.
  542136
• Dec 25, 2021 · 3 years ago
  As a third-party observer, I can tell you that Coinbase requires your Social Security Number (SSN) due to regulatory requirements. It's not just Coinbase, many other reputable exchanges also have to collect this information. The reason behind it is to comply with anti-money laundering (AML) and know your customer (KYC) regulations. By collecting your SSN, Coinbase can verify your identity and ensure that they are not facilitating any illegal activities. So, it's all about maintaining a safe and compliant platform for digital currency transactions.
  553111
• Dec 25, 2021 · 3 years ago
  Coinbase's requirement for your Social Security Number (SSN) is part of their commitment to security and regulatory compliance. By collecting your SSN, Coinbase can verify your identity and ensure that you are not engaged in any illegal activities. This helps protect both you and other users on the platform. So, while it may seem like an inconvenience, it's ultimately for the safety and security of everyone involved.
  42070