Why does Coinbase need my SSN?

Coinbase, a prominent cryptocurrency platform, adheres to stringent legal requirements and fraud prevention measures. A vital aspect of this commitment is the mandatory identity verification process. This step ensures that users are who they claim to be, thereby safeguarding the integrity of the platform and its users.

To initiate the identity verification process, Coinbase may request users to provide personal identification documents. This can include uploading high-quality photos of government-issued IDs, such as passports or driver's licenses. The purpose of this request is to cross-check the information provided during account creation with official records.

In addition to document submission, Coinbase may also require users to take and submit a selfie. This step is designed to ensure that the individual attempting to verify their identity is indeed the same person whose ID documents are being uploaded. The selfie should clearly show the user's face and be taken in a well-lit environment.

It's important to note that until the identity verification process is successfully completed, Coinbase accounts will have limited functionalities. This restriction is in place to protect both the platform and its users from potential fraudsters who may attempt to access the system using false identities.

The Coinbase team reviews each identity verification request carefully and promptly. However, the duration of the verification process can vary depending on various factors, including the quality of the submitted documents and the current workload of the verification team.