Cryptocurrency Q&A
Do crypto exchanges ask for ID?
Do crypto exchanges ask for ID?
Carlo
Sun Jul 14 2024
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5 answers
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As a keen observer of the cryptocurrency landscape, I'm curious about the security measures implemented by crypto exchanges. Given the anonymous nature of cryptocurrencies, I'm wondering: Do crypto exchanges typically ask for identification (ID) from their users? This practice, if implemented, could potentially increase the security of transactions and help prevent fraud. However, it also raises questions about privacy and data protection. So, how do crypto exchanges balance these considerations, and what are the specific ID requirements, if any, that they enforce?
5 answers
CryptoVanguard
Tue Jul 16 2024
An example of this is Kraken, which offers starter, intermediate, and pro levels of verification.
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Chiara
Tue Jul 16 2024
These various levels enable users to access different levels of trading features and services based on their level of verification.
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Martino
Tue Jul 16 2024
On the other hand, some crypto exchanges do not strictly enforce a minimum KYC requirement.
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NavigatorEcho
Tue Jul 16 2024
These exchanges often do not require users to upload their ID for verification. Wall of Coins is one such exchange that does not require ID verification but still requests a phone number for security purposes.
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charlotte_clark_doctor
Tue Jul 16 2024
In the realm of cryptocurrency exchanges, a tiered KYC (Know Your Customer) structure is prevalent.
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