why does coinbase need my driver's license

Coinbase, a cryptocurrency exchange platform, has recently been criticized for requiring users to provide their driver's license number in order to create an account. This is a move that has been met with mixed reactions. Some people find this inconvenient, while others find it necessary. To answer the question of why Coinbase needs my driver's license, we must first examine the nature of the platform and the possible benefits it could bring. The main reason for Coinbase's need for a user's driver's license is to verify the identity of the user. This is necessary to ensure that only legitimate users can access the platform and use its features. By verifying the user's identity, Coinbase can ensure that the platform is safe and secure. Additionally, this allows Coinbase to track user activity and prevent fraudulent activity. However, some people may question the need for such a strong security measure. It has been suggested that this could be seen as a violation of user privacy, as the driver's license number is shared with the platform. It is important to note that, under current law, the personal information of users is not considered sensitive, and the user has the right to access their personal information if necessary. In conclusion, Coinbase's need for a user's driver's license number is a necessary security measure that allows the platform to verify the user's identity and ensure that only legitimate users can access the platform. While some people may question the necessity of such a strong security measure, it is important to remember that user privacy is not considered sensitive under current law. As long as user privacy is not violated, it is not a violation of user privacy to require a user's driver's license number.