bereajoy ： Why do I have to verify my ID to use a centralized bitcoin exchange?

 Taking custody of customers' bitcoin and other cryptocurrencies, as centralized exchanges must do, has legal implications. Specifically, such exchanges are subject to the money transmitter laws in the jurisdiction in which they are legally registered.

For this reason, most centralized cryptocurrency exchanges require you to complete a registration process in which you must verify your identity before you can use the platform. Regulators impose this requirement on exchanges ostensibly to prevent money laundering, terror financing, and tax evasion. Regulators also typically require exchanges to report customer information (including trading history) upon request.

In many cases, you'll be allowed to begin using the exchange by verifying your email only. It's important to note that this 'lite verification' typically comes with considerable restrictions including limited purchase amounts, limited withdrawals, and in some cases, no withdrawals at all. Before you fund a cryptocurrency exchange with bitcoin or any other cryptocurrency, be sure to check that you'll be allowed to withdraw.

The next level of verification typically entails uploading nationally-issued identification like a passport or driver's license. In some cases you'll be asked to upload a photo of yourself holding your ID next to a piece of paper on which you've written, for example, the current date and a specific message as requested by the exchange.

Note that many exchanges exclude certain nationalities from using the exchange altogether.

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