But have you ever wondered why exactly they do this? Is it just about obeying rules, or is there something more to it?
Its about you being protected from hackers in taking over your account, because there might be a need for your login details confirmation and they may have to send a verification code to your email or mobile contact, but on the other side, everything that has advantage also have its disadvantages, some information about you may be requested such country, address and full name and your number, which some may see as a threat to be used against them one day.
Cryptocurrency exchanges typically need name, address, passport, photo ID, etc. to ensure you are who you claim to be, which aids in the prevention of fraud and money laundering.
But do they handle this process themselves, or are they hiring other companies to check your details?
Its now left for them, some must do it by their own self while others will have to ensure to third parties.