Have you ever asked yourself why Coinbase needs identification? In this post, we will look at why you need to provide your identity to Coinbase.
Coinbase will periodically ask you to confirm your identity to avoid fraud and make account-related adjustments.
They also require you to authenticate your identity to guarantee that anybody other than you does not change your payment information.
All Identity Documents must be confirmed through the Coinbase site or mobile app as part of their commitment to maintaining the most trustworthy cryptocurrency platform.
For verification purposes, they do not take emailed copies of your identification documents.
They collect the information they need to provide their consumers with the products and services they want.
This usually refers to data collecting required by law, including when they need to adhere to anti-money laundering regulations or authenticate your identity and safeguard you from possible fraud.
They may also use your information to provide specific services, improve your goods, and keep you informed about new developments (according to your preferences).
They do not and cannot sell your personal information to third parties without your permission.
What Kind of Information Does Coinbase Gather?
Personal Identification Information:
Full legal name, age, date of birth, nationality, signature, utility bills, gender, pictures, home address, email address, and phone number.
Formal Identification Information:
Passport, National Identity Card, Driver’s License, State ID Card, passport number, Tax ID number, driver’s license details, visa information, national identity card details, and any other data deemed necessary to abide with their legal obligations under anti-money or financial laundering laws.
Employer Identifying Number (or similar number granted by a government), evidence of legal formation (e.g., Memorandum of Association), and personal identification data for all significant beneficial owners.
Bank account data, payment card main account number (PAN), trading data, transaction history, and/or tax identity.
Data about your exchanges on their Services, like your name, recipient’s name, the amount, and the timestamp.
The location of the office, the job title, and a summary of the role.
Survey responses, information submitted to our help user or team research team.
Geo-location information, operating system, browser fingerprint, browser identity, and version or personal IP address.
Cookies and similar devices are used to capture authentication data, click-stream data, security questions, public social media posts, and other information.
Coinbase is designed to define customers on their site as a licensed financial services organization.
To continue using their service, they need all clients to authenticate their identity in accordance with the Coinbase User Terms.
They did not always need identity verification when signing up with Coinbase, but they now require it from all customers.
This means that any new Coinbase user, and any existing Coinbase customer who has never confirmed their identity before, will need to do so to continue using the site.
When submitting your photo ID:
- Make sure it is valid and has not expired and that it’s free of hole punches or other alterations.
- Make sure your documentation is in a good-lit, glare-free environment. The best source of illumination is natural sunshine.
- Do not cut off any sides when photographing the document.
- Ascertain that the ID is easily visible and in the frame.
- To finish the verification, use the Browser.
Why Does Coinbase Need ID?
Coinbase needs an ID to avoid fraud and help people stay secure. ID verification is essential. It is also an added layer of protection by guaranteeing that your payment information, like your bank account or debit/credit card, is only linked by you.
All identities must be confirmed using the Coinbase site or mobile app as part of their mission to maintain the most trustworthy bitcoin platform. For verification considerations, they do not receive emailed copies of identification.