Coinbase, Exchanges

Do I Have to Use My Real Name on Coinbase?

As the world’s largest cryptocurrency exchange, Coinbase has been at the forefront of helping to shape the still-nascent industry. One of the company’s most notable moves was its decision to offer insurance for user funds stored on its platform.

Now, as the industry looks to further legitimize itself, Coinbase is again taking a lead by requiring users to verify their identity with government-issued ID.

The move comes as part of an update to Coinbase’s terms of service that will go into effect on May 11th. After that date, users who have not verified their identity with the company will no longer be able to buy, sell, or convert cryptocurrencies on Coinbase.

The company is also introducing new limits on unverified accounts, limiting them to a maximum balance of $2,500.

While some users may be put off by the new requirements, Coinbase is quick to point out that it is not alone in its decision to implement them. Other major exchanges, such as Kraken and Bittrex, have also implemented similar policies.

And in the case of Kraken, the exchange actually requires users to go through a more rigorous verification process than Coinbase does.

NOTE: WARNING: It is not recommended to use your real name when signing up for Coinbase. Coinbase requires that you provide personal information including your full name, address, and phone number in order to use their services. However, it is not a requirement that you use your real name, and there have been reports of people being able to sign up with fake names. Therefore, it is highly recommended that you do not use your real name when signing up for Coinbase.

So why is Coinbase requiring users to verify their identities now? The answer likely has to do with increasing regulatory pressure on the cryptocurrency industry. In the past few months, we’ve seen a number of governments take steps to crack down on cryptocurrency trading and ICOs.

Just last week, South Korea announced a ban on anonymous cryptocurrency trading. And while China has not outright banned cryptocurrencies, it has taken a number of steps to discourage their use.

Given this regulatory environment, it makes sense that exchanges would want to take steps to ensure that their users are who they say they are. And while some users may be put off by the new requirements, it’s important to remember that these are still early days for the cryptocurrency industry.

As it matures and grows more legitimate, we can expect to see more moves like this from exchanges and other companies in the space.

So what does this all mean for you? If you’re a Coinbase user who has not yet verified your identity with the company, you’ll need to do so before May 11th if you want to continue using your account. The process is relatively simple and only requires you to upload a photo ID and proof of address.

Once your account is verified, you’ll be able to continue buying, selling, and converting cryptocurrencies on Coinbase without any issues.

Previous ArticleNext Article