ForexMinute reports that Coinbase has introduced checks and balances for Bitcoin trading. Now, it will ask for ID proof from the buyers or sellers of Bitcoin when they are trading in higher volumes.
(PRWEB) August 07, 2013
ForexMinute reports that Coinbase has introduced checks and balances for Bitcoin trading. Now, it will ask for ID proof from the buyers or sellers of Bitcoin when they are trading in higher volumes. According to the leading Bitcoin news provider ForexMinute, the organization initiated the measure after facing a lot of flak from the government authorities for anonymous Bitcoin trading.
A reporter at ForexMinute informs that Bitcoin exchange organizations such as Mt. Gox too have started ID checks for any Bitcoin transaction in compliance with the law and now it was Coinbase’s turn. According to him not every trader will be asked to provide ID proof as Coinbase has set various levels for buyers when asking for it.
For instance, “level 1″ users can buy up to 10 Bitcoins a day and sell up to 50 without submitting any ID proof. He further informs that if some trader submits an ID proof and become a “level 2″ user, he can buy up to 50 Bitcoins instantly.
Talking about the latest measure on the part of the organization, the Coinbase co-founder Fred Ehrsam says that it is aimed to enhance anti-money-laundering initiatives by the government. According to him money-laundering can be discouraged only when there are checks on the buyers and sellers of Bitcoins and that can be done only asking them to show their ID proofs.
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