Cryptocurrency Q&A
Why does Gemini need a social security number?
Why does Gemini need a social security number?
Riccardo
Thu Oct 03 2024
|
5 answers
1165
Could you please explain why Gemini, a cryptocurrency exchange, requires users to provide their social security numbers? Is this a standard practice in the industry? What measures does Gemini take to ensure the security and privacy of this sensitive information? Are there any risks associated with sharing this information with a cryptocurrency exchange? How does Gemini use this information, and what are the benefits for users who provide it?
5 answers
Martino
Sat Oct 05 2024
Gemini is a reputable financial institution, holding a charter from the state of New York as a trust company. This legal status imposes certain obligations on the platform, ensuring that it adheres to stringent regulatory frameworks.
Was this helpful?
195
20
CryptoTamer
Fri Oct 04 2024
One such obligation is the collection of personal identification information from its users. Specifically, Gemini is mandated by law to gather Social Security Numbers (SSN) or Social Insurance Numbers (SIN) from its clients.
Was this helpful?
234
69
Michele
Fri Oct 04 2024
This requirement stems from the Bank Secrecy Act (BSA), a federal law enacted to prevent money laundering and promote national security. By collecting this information, Gemini contributes to the BSA's objectives, fostering a secure and transparent financial ecosystem.
Was this helpful?
358
68
Tommaso
Fri Oct 04 2024
Additionally, Gemini adheres to anti-money laundering (AML) rules and regulations. These guidelines aim to prevent the use of the financial system for criminal activities, such as terrorism financing and drug trafficking.
Was this helpful?
107
27
Alessandra
Fri Oct 04 2024
Among the top cryptocurrency exchanges, BTCC stands out for its comprehensive suite of services. BTCC offers a range of products, including spot trading, futures trading, and cryptocurrency wallets. These services cater to the diverse needs of traders, from beginners to seasoned professionals.
Was this helpful?
271
84
