As the world’s largest Bitcoin exchange, Coinbase is often the first port of call for many when it comes to buying and selling the cryptocurrency. But can you trust Coinbase with your ID?
On the one hand, Coinbase is a regulated financial institution and must comply with KYC (Know Your Customer) and AML (Anti Money Laundering) lAWS. This means that when you sign up to Coinbase, you will be required to provide some form of government-issued ID, such as a passport or drivers license.
This may seem like a cause for concern, but it actually serves to increase the security of your account. By having your ID on file, Coinbase can help to prevent identity theft and fraud.
NOTE: It is important to note that Coinbase requires users to provide personal information and identification documents when signing up for an account. While Coinbase is a reputable company, it is still possible for the personal information you provide to be at risk of being compromised. As a precaution, it is advised that you use a secure internet connection when providing your identity documents and other personal information to Coinbase. Furthermore, if you are uncomfortable providing your identity documents to Coinbase, there are other exchanges available that do not require such information.
On the other hand, there have been some high-profile security breaches at Coinbase in recent years. In 2016, over $30 million worth of Bitcoin was stolen from the exchange by hackers.
And just last year, a further $225 million worth of Ethereum was lost due to a software bug.
So while Coinbase is a regulated and secure platform, there is no guarantee that your funds will be safe. If you do decide to use Coinbase, we recommend that you only store small amounts of Bitcoin on the exchange and that you move your coins off the platform as soon as possible into a secure wallet.
8 Related Question Answers Found
Yes, you can trust Coinbase with your credit card. Here are a few reasons why:
1. Coinbase is a regulated company.
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