Coinbase Introduces ID Verification for Bitcoin Trading, Reports ForexMinute

Coinbase Introduces ID Verification for Bitcoin Trading, Reports ForexMinute

ForexMinute reports that Coinbase has introduced checks and balances for Bitcoin trading. Now, it will ask for ID proof from the buyers or sellers of Bitcoin when they are trading in higher volumes. According to the leading Bitcoin news provider ForexMinute, the organization initiated the measure after facing a lot of flak from the government authorities for anonymous Bitcoin trading.

A reporter at ForexMinute informs that Bitcoin exchange organizations such as Mt. Gox too have started ID checks for any Bitcoin transaction in compliance with the law and now it was Coinbase’s turn. According to him not every trader will be asked to provide ID proof as Coinbase has set various levels for buyers when asking for it.

For instance, “level 1″ users can buy up to 10 Bitcoins a day and sell up to 50 without submitting any ID proof. He further informs that if some trader submits an ID proof and become a “level 2″ user, he can buy up to 50 Bitcoins instantly.

Talking about the latest measure on the part of the organization, the Coinbase co-founder Fred Ehrsam says that it is aimed to enhance anti-money-laundering initiatives by the government. According to him money-laundering can be discouraged only when there are checks on the buyers and sellers of Bitcoins and that can be done only asking them to show their ID proofs.

About ForexMinute.com

ForexMinute, the world’s leading Forex news and views portal, has become a one-stop solution provider for Forex traders and brokers as well as Bitcoins news. It provides all the required tools to individuals to become a professional Forex trader. Also, it helps Forex brokers provide high-end user-friendly trading experience to traders with an array of resources e.g. financial news by the minute, fundamental analysis, technical analysis, Forex tools and others.

For more information about ForexMinute.com, visit http://www.forexminute.com/ or call +1 800 758 5780.

You can have the ForexMinute newsletter delivered to you each trading day. Simply sign up today. You will be kept up to date on the latest market action.

It’s free and simple: http://www.forexminute.com/newsletter/


Related News

Coinbase opens instant bitcoin transfers for verified customers

The bitcoin wallet platform Coinbase has now enabled instant bitcoin purchases. Users will have to undergo identity verification, which will unlock instant transfer and larger transaction limits. Coinbase is still limited to the US only, but this move brings it into closer competition with the BitInstant exchange. Coinbase imposes transaction limits via so-called user levels. Level 2 accounts have the highest transaction limits. However, as a part of the new instant transfer facility, Coinbase says it has set all users at level 1, and it will require identity verification before anyone can....

Buda Exchange Starts Requesting Selfie Verification for Withdrawals to New Bi...

Buda, a Chile-based cryptocurrency exchange, has started requesting selfie verification every time a user needs to withdraw funds to a new bitcoin address. This new measure now introduces a new layer of security for users to avoid getting their accounts hacked, but it will only be mandatory for those that don’t have 2FA activated. Buda Exchange to Request Selfie to Make Withdrawals to New Addresses Buda, a Chile-based exchange formerly known as Surbtc, will now implement new security measures to protect its users from hacking attempts. The platform will now require the user to send....

Coinbase Opens Office in India Despite Crypto Ban Reports

Cryptocurrency exchange operator Coinbase has announced that it is establishing a business presence in India. The company has also posted several job openings for its Indian operations despite reports that the government may ban cryptocurrencies. Coinbase Sets up Shop in India Coinbase has officially announced its expansion into India. The company said last week: We’re happy to announce that Coinbase is establishing a business presence in India. By housing some IT services, including engineering, software development and customer support operations in India, we will benefit from its....

Coinbase Responds to Reports of Selling Customer ‘Geo Tracking’ Data to US Go...

The Nasdaq-listed cryptocurrency exchange Coinbase has insisted that it does not sell “proprietary customer data” after reports surfaced that its Tracer product is providing “historical geo tracking data” to the U.S. Immigrations and Customs Enforcement (ICE). Coinbase Responds to Reports of It Selling Customer Data to U.S. Government Cryptocurrency exchange Coinbase came under fire last week when reports surfaced accusing the Nasdaq-listed company of selling customer data to the U.S. government. Coinbase Tracer, the analytics arm of the cryptocurrency....

Coinbase to Add Device Verification Feature to Better Protect User Accounts

San Francisco-based Coinbase is slated to roll out a new feature allowing for device verification this week, according to a security-oriented announcement made on their blog on Tuesday. The device authentication feature is just exactly as it sounds, allowing users of the service to create a list of authorized devices (new devices can be added any time) from which their accounts can be accessed. In other words, if it's not listed, you're not getting in. It's all in effort to better protect the user from the seemingly endless amounts of account phishing and hacking attempts. Coinbase also....