How does Poloniex justify the need for my Social Security Number when conducting transactions involving cryptocurrencies?

3 answers

• Guthrie RiisFeb 07, 2025 · 6 months ago
  Poloniex justifies the need for your Social Security Number when conducting transactions involving cryptocurrencies as part of their compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations require financial institutions, including cryptocurrency exchanges, to verify the identity of their customers and monitor their transactions to prevent illegal activities such as money laundering and terrorist financing. By collecting your Social Security Number, Poloniex can ensure that they are dealing with legitimate individuals and fulfill their regulatory obligations.
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• Tanmoy RoyMar 15, 2025 · 4 months ago
  Poloniex needs your Social Security Number to comply with government regulations. Cryptocurrencies have gained popularity in recent years, but they have also attracted the attention of regulators who want to prevent illegal activities. By collecting your Social Security Number, Poloniex can verify your identity and ensure that you are not involved in any illicit activities. While it may seem intrusive, this requirement is aimed at maintaining the integrity of the cryptocurrency market and protecting users from potential fraud or scams.
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• Kornum GravesSep 12, 2022 · 3 years ago
  As a third-party observer, I can understand why Poloniex justifies the need for your Social Security Number when conducting transactions involving cryptocurrencies. The cryptocurrency market has been plagued by scams, fraud, and money laundering activities. By implementing strict KYC and AML procedures, Poloniex aims to create a safer and more transparent trading environment. While providing your Social Security Number may seem inconvenient, it helps to ensure that only legitimate individuals are participating in cryptocurrency transactions, reducing the risk of fraudulent activities and protecting the interests of all users.
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