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Author Topic: coinbase identity info  (Read 291 times)
forestx
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November 20, 2020, 01:18:39 PM
Merited by DdmrDdmr (2)
 #1

Why is coinbase now asking for my identity info information relating to work and how much I am going to to invest in the future
is it doing this with everyone
I am not a big investor very modest actually and I filled out certain details when I joined the site

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November 20, 2020, 01:29:31 PM
 #2

For what purpose you are using coinbase? If you are looking for using it for trading purpose, I think KYC is needed while for wallet purpose, none of such KYC is required. However, if coinbase finds any suspected transaction with your account, they may require identify verification.
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November 20, 2020, 01:31:07 PM
Last edit: November 20, 2020, 01:43:36 PM by DdmrDdmr
Merited by Welsh (2)
 #3

<…>
I’m not sure what specific complementary questions (*) they are asking now (you can include the detail in the OP if you wish), but leaving KYC aside, corporations tend to demand certain information to allow them to perform customer profiling, with which they’ll target communications in a tailored manner. They also play around with concepts such as customer current value vs customer potential value (amongst other things), and this information is what helps them. Eventually, I wouldn’t be surprised if they are required to perform customer risk assessment.

Of course, from a customer’s perspective, it’s darn well intrusive, and you normally would try to avoid providing this information.

(*) I’m assuming they are not asking for the exact location where you work at. That would be another scenario.


It could also be simply part of the multi-stepped KYC:
https://help.coinbase.com/en/coinbase/managing-my-account/account-information/identity-verification-faq

Distinguishing between KYC minimal requirements, and complementary profiling questions, is not easy for us, and we tend to follow through with the process (as if we normally have much of a choice).

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November 20, 2020, 01:36:29 PM
 #4

I use it to buy coins
I did convert about 1/3 of my bitcoin, but once again not a lot of money, to USDC on wednesday think we may have  a crash (we didnt)
They are looking for info on what I work as, use the account for (investment) how much I plan to invest per year as well as address and DoB which they have
I haven't completed the process so dont know if they want more later
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November 20, 2020, 01:40:30 PM
 #5

Why is coinbase now asking for my identity info information relating to work and how much I am going to to invest in the future
is it doing this with everyone
I am not a big investor very modest actually and I filled out certain details when I joined the site



I just logged in my coinbase account to check if it asks from me also . It only ask me to "Agree" on the new terms and condition but did not ask for the information as told by you. Are you buying bitcoins using coinbase ?

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November 20, 2020, 01:40:39 PM
Merited by DdmrDdmr (1)
 #6

<…>
I’m not sure what specific complementary questions (*) they are asking now (you can include the detail in the OP if you wish), but leaving KYC aside, corporations tend to demand certain information to allow them to perform customer profiling, with which they’ll target communications in a tailored manner. They also play around with concepts such as customer current value vs customer potential value (amongst other things), and this information is what helps them. Eventually, I wouldn’t be surprised if they are required to perform customer risk assessment.

Of course, from a customer’s perspective, it’s darn well intrusive, and you normally would try to avoid providing this information.

(*) I’m assuming they are not asking for the exact location where you work at. That would be another scenario.


This makes sense. The local exchange I have been dealing with for the last few years started to roll out customer assessment questions and forms in relation, but not limited, to KYC and AML regulations. When I asked one of their reps regarding this new profiling scheme, they had been short on their replies, stating that it is in accordance with a circular provided by the central bank on digital currency exchanges, KYC, yada yada yada, but deep down I feel like this is more of customizing what things they will offer to their customer base depending on their 'tier' of value. Had a case wherein a friend who doesn't have a stable stream of income/money coming in to him had his account frozen in the mean time until such proof of funds were presented, which is kinda annoying and also questionable. They say it was complementary to their efforts to comply with AML regulations but honestly, it's just too intrusive and disturbing.

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November 20, 2020, 01:41:22 PM
Merited by DdmrDdmr (1)
 #7

I use it to buy coins
I did convert about 1/3 of my bitcoin, but once again not a lot of money, to USDC on wednesday think we may have  a crash (we didnt)
They are looking for info on what I work as, use the account for (investment) how much I plan to invest per year as well as address and DoB which they have
I haven't completed the process so dont know if they want more later
Was it required that you submitted it? Or was it a pop up, trying to get more information, and didn't actually require you to submit it? If its the latter its very likely customer profiling as mentioned, and they'll look to tailor their service to your needs. As far as I'm aware KYC does not extend to what you work as, or how much you work. AFAIK, no exchange requires this information, but they may ask to better serve their interface to you, or potentially send related information via your email. Likely the latter, where they're trying to gauge how much you could invest on their platform, and then they might send you emails of certain price points they might think you'll be interested in.

I've been asked similar sort of questions in other services outside of Bitcoin, and I've never been required to submit it. It's usually to do with serving up their services specific to you so that they might be able to get more more business out of you by offering you certain things, or by reminding you that their product is on sale, or in terms of Bitcoin has hit a new time high or something.

Its hard to know their exact intentions, but if you are not required to submit it, which I don't think you are, You can just ignore it.

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November 20, 2020, 01:43:23 PM
 #8

Probably just a survey? I'm pretty sure you're not the only one that received such questions. Afaik, most companies ask for those kind of info, mostly related ones to their work, google as an example asks for what type you watch to cater to the ads that they put into your experience, and in this case, coinbase is an exchange so asking for your financial info is understandable. I'm pretty sure it's optional and you can just ignore it, there aren't any punishments that could happen there. You can just ignore it, though if they force you to answer it by locking your account, then that's quite an ass move from them, which I don't think they would do.
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November 20, 2020, 01:48:12 PM
 #9

I had to agree to new terms the other day (which of course I didn't read)
and this came up today. Its says they are required to do it.  First saying that the info is needed for people with two citizenships (I dont)
I dont know if its just   customer profiling and general info as they say I  wont be able to deposit funds from mid December if I dont fill it in

I have no real issue with that but I dont want to provide proof of income  considering at the moment with Covid I am not really working or have place of work
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November 20, 2020, 02:00:53 PM
 #10

I have no real issue with that but I dont want to provide proof of income  considering at the moment with Covid I am not really working or have place of work

Even if you are jobless and not working, then your income will be close to NiL. You can tell them this fact in case they ask for it. There is nothing wrong in telling the truth. I am sure they do this survey so that no one do money laundering or other legal stuff through their site.

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November 20, 2020, 02:11:08 PM
 #11

I dont really care what Coin base knows I just dont want them sharing the info
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November 20, 2020, 02:30:51 PM
Merited by DdmrDdmr (1)
 #12

I had to agree to new terms the other day (which of course I didn't read)
and this came up today. Its says they are required to do it.  First saying that the info is needed for people with two citizenships (I dont)

Are you already fully verified on Coinbase or are those questions they are asking you for level 2?
I don't have a level2 on Coinbase either so every time I log in I get this pop-up and the same red notice on top about December 20 2020..



Is this the same that is happening to you or is it something else?
Get a screenshot of the page where they ask you the question, don't forget to erase any personal details and post it here so we can have a clue what are they demanding.

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November 20, 2020, 02:44:25 PM
 #13

Yea thats it but it says December 17 and that my account will be limited to withdrawals. I dont trade with it so not worried about that but need to be able to buy coins which is the whole point of the account
I am fine on level 1 if I can buy coins 
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November 20, 2020, 03:14:04 PM
 #14

Yea thats it but it says December 17 and that my account will be limited to withdrawals. I dont trade with it so not worried about that but need to be able to buy coins which is the whole point of the account
I am fine on level 1 if I can buy coins 
Coinbase is rolling out new tier system based on the trading volume? Probably yes that is why these kind of questions are being asked.

So you need to answer and provide what they are asking or just find better service (highly recommended), if you don't want to continue then better withdraw everything before they date they mentioned.

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November 20, 2020, 04:22:40 PM
Merited by DdmrDdmr (2)
 #15

I had a coinbase account for about 2 years with basic data in the account like name DOB. I think I used it once to fork a few BCH and get some BSV out of it. I also got some money for free from Coinbase for surveys and referrals. Logged in today to check and they're saying my account is going to be partially locked in December if I don't comply with their new verification. They want me to tell them what citizenships I have and this:



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November 20, 2020, 04:26:45 PM
 #16

Similar to above. I hadn’t logged-in for a long time now (well over two years), and upon revisiting Coinbase, after logging-in, the site asks for:

a)   Accept a very large set of updates policy paragraphs.

b)   My nationality (first pop-up).

c)   Revise prefilled data: name, surname, birthdate, address, postal code (second pop-up).

d)   Provide new information: What will you use Coinbase for, what is your source of income, job status, id -> in accordance to (they state) this:

https://help.coinbase.com/en/coinbase/other-topics/legal-policies/why-does-coinbase-ask-for-my-personal-information-when-making-certain-transactions.html

When they state "legally required" on @stompix’s screenshot, it seems that it is mandatory, and they are going to push pop-ups and date limits to ensure people provide the information.

If you consider the question "How much crypto do you expect to trade per year?", it hardly looks as if it is "legally required" though, and more of a bonus question the make mandatory for their own interests.

It seems as if they are making it mandatory, and perhaps, were I to provide the above information, it may lead to a pop-up with the questions that the OP sees. This gets more and more "bankish" …

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November 20, 2020, 05:27:08 PM
 #17

if you were not a big investor what would you do on Coinbase. KYC requests like that which require you to provide information about your work and how much you will invest is certainly very excessive. Usually there will be level 1 KYC which only requires an identity card and Level 2 which requires more detailed verification.

If you object to the verification, try Binance, it will be easier to do without verifying your real job.

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November 20, 2020, 06:29:44 PM
 #18

I dont really care what Coin base knows I just dont want them sharing the info

Coinbase has done it in the past with the authorities (ref), don't see a reason why it wouldn't happen again. But pretty much every centralized exchanges has the tendency to share their users info to third parties so I'd stay away if that's my concern. Downside to it is you'd be sacrificing convenience.

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November 20, 2020, 07:04:40 PM
 #19

for those having CDD surveys sprung on you, or requirements to re-verify ID, are you located in the EU? im in the USA, just logged in, and see no changes or warnings on my account. no pop-ups, and i still have the same $25k daily withdrawal limit as always.

i don't think we have the same verification level system here. i've seen some reddit posts from the past couple years that suggested these types of CDD surveys (about sources of income, employment, etc so they can build a risk profile on you) were required for level 2 verification. it sounds like they're making it mandatory now?

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November 20, 2020, 07:35:09 PM
 #20

for those having CDD surveys sprung on you, or requirements to re-verify ID, are you located in the EU? im in the USA, just logged in, and see no changes or warnings on my account. no pop-ups, and i still have the same $25k daily withdrawal limit as always.
Same here. Logged in today, sold to fiat and did a bank withdrawal. Didn't receive any verification pop up or random survey to fill. Looks like they probably are from the EU. I have heard EU are now strictly regulating crypto currencies and taking down companies/organizations that aren't following their regulation policies.

i don't think we have the same verification level system here. i've seen some reddit posts from the past couple years that suggested these types of CDD surveys (about sources of income, employment, etc so they can build a risk profile on you) were required for level 2 verification. it sounds like they're making it mandatory now?
I have read people were being asked to verify their ID even after being already verified to the highest level. Every time I visit their subreddit, there is this one guy complaining how shit their verification system is.

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