Coinbase is a digital asset exchange company headquartered in San Francisco, California. They broker exchanges of Bitcoin (₿), Ethereum (Ξ), Litecoin (Ł) and other digital assets with fiat currencies in 32 countries, and bitcoin transactions and storage in 190 countries worldwide.
Coinbase was founded in June 2012 by Brian Armstrong and Fred Ehrsam. It has since grown to serve over 10 million customers with a mission to create an open financial system for the world.
In order to comply with anti-money laundering and know-your-customer regulations, Coinbase requires all customers to verify their identity when signing up for an account. This process involves uploading a government-issued ID, such as a driver’s license or passport, as well as taking a selfie to verify your identity.
There are a few reasons why Coinbase needs your ID:
1. To comply with anti-money laundering regulations
As a regulated financial institution, Coinbase is required to comply with anti-money laundering (AML) lAWS and regulations. This means that we need to collect certain information about our customers in order to help prevent money laundering and terrorist financing.
NOTE: WARNING: Coinbase must receive your valid government-issued ID in order to verify your identity and ensure that you are authorized to use their services. Coinbase will never ask for any sensitive personal information such as your social security number, date of birth, or bank account information. Additionally, Coinbase requires that your ID must be valid and up-to-date; they will not accept expired IDs. It is important to note that Coinbase may use third-party services to verify your identity and these services may retain the information you provided.
By requiring ID verification, we are able to collect this information and help keep our platform safe for everyone.
2. To prevent fraud and keep your account safe
Another reason why Coinbase needs your ID is to help prevent fraud and keep your account safe. By verifying your identity, we are able to ensure that only you have access to your account and that no one else is trying to fraudulently access it.
This helps us keep your account secure and reduces the risk of fraud or theft on our platform.
3. To comply with Know Your Customer (KYC) regulations
In addition to AML regulations, Coinbase is also required to comply with Know Your Customer (KYC) regulations. These regulations require financial institutions to verify the identity of their customers in order to help prevent money laundering, terrorist financing, and other financial crimes.
By verifying your identity when you sign up for an account, we are able to comply with these regulations and help keep our platform safe for everyone.
6 Related Question Answers Found
If you’re having trouble uploading your ID to Coinbase, there are a few possible explanations:
1. The file may be too large or in the wrong format. Make sure your file is less than 8 MB and is in either .jpg, .
If you’re looking to buy or sell cryptocurrencies on Coinbase, one of the world’s most popular cryptocurrency exchanges, you may be wondering if you need to provide identification. The answer is: it depends. If you’re only looking to buy cryptocurrencies with fiat currency (i.e.
If you’re having trouble verifying your ID on Coinbase, there are a few things you can do to try and fix the problem. First, make sure that you’re using a supported browser. Coinbase currently supports Chrome, Firefox, Safari, and Edge.
Asking customers to verify their identity is nothing new for companies handling sensitive information. But for Coinbase, one of the most popular cryptocurrency exchanges, this process has been anything but smooth. For some users, the process of verifying their identity with Coinbase has been an exercise in frustration.
When you create a Coinbase account, you must provide your full name, date of birth, address, and phone number. You will also be asked to verify your identity by providing a government-issued ID. The reason for this is that Coinbase is required by law to collect this information from its users.
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. Given the decentralized nature of Bitcoin, it’s no surprise that there are few regulatory hoops to jump through when using the service. However, this does beg the question – is it safe to give Coinbase my ID?
