Coinbase Asks Users for LinkedIn Info, Citing “Know Your Customer” Policy
The popular Bitcoin exchange and wallet provider, Coinbase, has begun asking for LinkedIn information as part of their ‘Know Your Customer’ programme, for users who use the platform for trading. KYC compliance. Bitcoin to fiat currency exchanges are obliged by law to ask for a certain degree of personal information from customers wishing to trade on the platform. This is done to prevent money laundering, or at least lessen it. Most companies choose to strike a balance between the minimum required by law and what some would consider to be an invasion of privacy. This usually constitutes....
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Bitstamp now requires users to provide info like nationality, place of birth and tax residency, in addition to documents proving the origin of crypto and the annual income. Major global cryptocurrency exchange Bitstamp continues increasing compliance efforts by requesting its users to provide more data like their source of wealth.In an email notification to users on Wednesday, Bitstamp informed its customers about the ongoing policy upgrades on the platform, with the exchange seeking additional info about its clients, one Bitstamp user told Cointelegraph.The email reads:“We work closely....
Automated market makers (AMM) are becoming more popular as innovation and development in decentralized markets continue to accelerate. In the past two years, the demand for alternatives to centralized exchanges has been growing exponentially with the introduction of “Know Your Customer” (KYC) regulations and the implied interest shown by the “Securities and Exchange Commission” (SEC) […]
This month the U.S. Internal Revenue Service (IRS) recently sought out a continuation of its court hearing with Coinbase. The initial hearing was scheduled to be held on February 16, but the tax agency now wants to postpone the hearing until March 23. The case will also begin with a motion from a former Coinbase customer concerning the tax agency’s....
Prominent Bitcoin and Ethereum exchange and wallet Coinbase announced that it is forced to stop supporting customers in Hawaii due to an “impractical” and “untenable” regulatory policy. Citing the reason for indefinitely suspending its business in Hawaii, Coinbase revealed: The Hawaii Division of Financial Institutions (DFI) has communicated regulatory policies which we believe will render continued Coinbase operations there impractical. Coinbase was first notified of the restrictive regulatory policy by the DFI in September, one that makes it “impossible” for the exchange to operate in....
Bitcoin exchange Coinbase is under scrutiny by the government agency the IRS, shocking the community. However, it seems Coinbase will be doing everything it can to protect its customer’s data and possibly fight the summons through litigation. Can the IRS Really Sift Through All Coinbase Customers Transactions Over Three Years? As Bitcoin.com reported....