do you need ssn for coinbase

Providing your SSN to Coinbase allows access to the complete suite of services and higher transaction limits, but it is not always required for small transactions and alternative forms of identification may suffice.

Nov 07, 2024 at 08:14 pm

Do You Need SSN for Coinbase?

1. Overview

Whether or not you need a Social Security Number (SSN) to use Coinbase depends on the specific services you want to access and the amount of money you are transacting.

2. Identifications Required for Verification

To create a Coinbase account, you will need to provide one of the following forms of identification:

• SSN (recommended): This is the most common form of identification and allows you to access the widest range of Coinbase services.
• Driver's license: You can also use a valid driver's license from most US states.
• US passport with address: A US passport with a valid address can also be used for verification, but it may limit the amount of money you can transact.

3. Identity Verification Threshold

Depending on your country of residence and the amount of money you are transacting, you may need to provide additional verification beyond your primary identification. For example:

• Under $10,000: You only need to provide basic identification information (name, address, email).
• $10,000-$200,000: You may need to provide your SSN or other forms of identification to increase your withdrawal limits.
• Over $200,000: You may be required to undergo additional verification steps, including providing your SSN and bank account information.

4. Tax Implications

Providing your SSN to Coinbase also has implications for tax reporting. Coinbase will report transaction activity to the IRS if you earn over $600 in a year. If you do not provide your SSN, you may face additional taxes and penalties.

5. Conclusion

In general, you will need to provide your SSN to Coinbase to access the full range of services and increase your transaction limits. However, you may be able to use alternative forms of identification if you are only making small transactions. It's important to carefully consider your identification and verification options based on your individual circumstances and needs.