Why does Coinbase ask for ID verification when making a Litecoin transaction?

3 answers

• Dec 28, 2021 · 3 years ago
  Coinbase asks for ID verification when making a Litecoin transaction to comply with regulatory requirements. By verifying the user's identity, Coinbase ensures that it is not facilitating any illegal activities such as money laundering or fraud. This verification process helps maintain the integrity of the platform and protects both the users and Coinbase from potential risks.
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• Dec 28, 2021 · 3 years ago
  The ID verification requirement for Litecoin transactions on Coinbase is part of their Know Your Customer (KYC) policy. KYC regulations are in place to prevent financial crimes and ensure the safety and security of the platform. By verifying the identity of users, Coinbase can establish trust and reduce the risk of fraudulent transactions.
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• Dec 28, 2021 · 3 years ago
  When it comes to ID verification for Litecoin transactions, Coinbase is not the only exchange that implements this requirement. Many reputable exchanges, including BYDFi, have similar policies in place. This is because regulatory authorities require exchanges to have robust anti-money laundering measures in place. ID verification helps prevent illicit activities and ensures compliance with regulatory standards.
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