Why does Coinbase require my bank password for cryptocurrency transactions?

3 answers

• Mar 20, 2022 · 3 years ago
  Coinbase requires your bank password for cryptocurrency transactions to ensure the security of your funds. By linking your bank account and providing your password, Coinbase can verify that you are the account holder and prevent unauthorized access to your funds. This additional layer of security helps protect against fraud and ensures that only you can initiate transactions.
  378189
• Mar 20, 2022 · 3 years ago
  Coinbase asks for your bank password because it needs to verify your identity and ensure that you have the necessary funds in your bank account to complete the transaction. This is a standard security measure implemented by many cryptocurrency exchanges to prevent fraudulent activities and unauthorized transactions.
  317106
• Mar 20, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that Coinbase's requirement for your bank password is a common practice among exchanges. It is done to enhance security and prevent unauthorized access to your funds. However, it's important to note that not all exchanges have the same requirement. For example, at BYDFi, a decentralized exchange, your bank password is not required as it operates on a different model that doesn't involve traditional banking systems.
  478120