does coinbase need verification

Coinbase's verification process, encompassing Basic Verification and Advanced Verification levels, safeguards the platform by preventing money laundering, ensuring compliance, and protecting users against fraud.

Oct 27, 2024 at 11:35 pm

Does Coinbase Require Verification?

Yes, Coinbase requires verification for all users who wish to buy, sell, or hold cryptocurrency on the platform. The verification process helps to ensure the security and compliance of the platform and its users.

Levels of Verification

Coinbase has two levels of verification:

1. Basic Verification: Requires users to provide their name, email address, and date of birth. This level allows users to buy and sell cryptocurrency up to certain limits.
2. Advanced Verification: Requires users to submit additional documentation, such as a government-issued ID and proof of address. This level allows users to access higher limits and additional features.

Why is Verification Required?

Coinbase requires verification for the following reasons:

1. Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT): Verification helps prevent criminals from using Coinbase to launder money or finance terrorism.
2. Compliance with Regulations: Coinbase must comply with regulations in various jurisdictions, which require the platform to verify the identity of its users.
3. User Protection: Verification helps protect users from fraud and identity theft by ensuring that only authorized individuals can access their Coinbase accounts.

How to Verify Your Coinbase Account

To verify your Coinbase account, follow these steps:

1. Go to the Coinbase verification page.
2. Select the verification level you wish to obtain.
3. Provide the required information and documentation.
4. Complete the verification process.

Consequences of Not Verifying

Users who do not verify their Coinbase account may be subject to the following restrictions:

1. Limited Trading Limits: Unverified users have lower limits on the amount of cryptocurrency they can buy and sell.
2. Withdrawal Restrictions: Unverified users may not be able to withdraw cryptocurrency from their Coinbase accounts.
3. Account Closure: Coinbase may close unverified accounts if they do not comply with verification requirements.

Conclusion

Verification is an essential requirement for using Coinbase to buy, sell, or hold cryptocurrency. The process helps to ensure the security and compliance of the platform and its users. By verifying your account, you can access higher trading limits, withdraw cryptocurrency, and protect yourself from fraud and identity theft.