Re: Why Do Cryptocurrency Exchanges Want So Much Information?
I've been mining a few coins for a while, including BTC, but I'm ready to actually buy some altcoins on an exchange, 'cause the price is right. I'm looking at Cryptsy, and to be honest, I'm a little reluctant to give my personal information to the site. It all seems legit, and I know many have done it before, but what is the purpose of needing things like photo ID and whatnot? Is that a US thing, or does pretty much every exchange want that information? And if they do... Why?
I believe for higher verification, some even want a Social Security Number? Why is that? Does anyone have more information regarding why they would collect that information? I don't necessarily doubt the honesty of Crypsy or any other big exchanges. But at the same time, I'm not going to run and give them information that they shouldn't have.
Thanks for any information you guys can give me.
I believe for higher verification, some even want a Social Security Number? Why is that? Does anyone have more information regarding why they would collect that information? I don't necessarily doubt the honesty of Crypsy or any other big exchanges. But at the same time, I'm not going to run and give them information that they shouldn't have.
Thanks for any information you guys can give me.
Many exchanges don't need any of those information for buying/selling altcoins, so you should be fine. Those requirements are mainly for fiat transactions.
Ha yeah, that was the problem. I'm holding the coins I'm mining because they're promising, so I'm not switch mining for a USD profit, or anything like that.
Sarge, same, I'm a legit dude. "If you don't have anything to hide, then what's the problem?" has always sounded like BS to me. You're guilty until proven innocent, or whatever. Not that they would even know what you did either way (depending on the circumstance), so whatever... These things are probably a product of things like Silk Road, and The Armory, which I heard was a giant sting operation anyway, but I didn't keep up with that stuff too closely. Honestly, I didn't care much.
And to smoothie, yeah, it's total bull. This peasant tried to rise a rank!? Destroy him!