Coinbase violated KYC procedures

A crypto exchange user decided to file a lawsuit against Coinbase. It states that the KYC procedure on the site is contrary to the legislation of the United States of America.

Learn more about what is happening

The user believes that the crypto exchange violated the BIPA law in force in the state of Illinois. It states that users must give prior permission to collect data.

Coinbase, like other decentralized cryptocurrency exchanges, asks users to provide a scan of an identity document. You also need to take a selfie to go through the KYC procedure. After that, the company uses the provided data to create a biometric face template. This allows you to confirm the submitted documents.

However, the user of the crypto exchange believes that such a principle poses a threat to the personal information of users in situations of hacking the database of bathhouses. He makes demands for the destruction of the biometric template as soon as the account verification procedure is completed.

Additionally, the user claims damages in the amount of 5 thousand dollars due to intentional violation of the law or a thousand dollars for unintentional actions.

Recall that the Coinbase crypto exchange is now dealing with the SEC department. Its representatives are checking the listing on the site.

The GRIN4 ecosystem

We have created a bot to make money on crypto exchanges. You set the settings, and he trades 24/7. Manage all assets from one service: with your own hands or with the help of algorithmic trading. Anonymously. Simply. Stress-free.