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Why is it that Robinhood doesn’t ask for a picture of your I.D / Selfie but it seems like every other exchange does? Doesn’t that raise concern for identity theft on other platforms?

I’ve been getting into investing and its very enjoyable and its fun even if it doesn’t work out. But i’ve noticed that i’ve only used Robinhood to invest. I wanted to branch out to other investment platforms but i’ve noticed that a lot of exchanges need pictures of your I.D or selfies of yourself.

Is that a normal thing? Why is it that Robinhood doesn’t ask for it but it seems like exchanges like Coinbase or [crypto.com](https://crypto.com) do.



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10 Comments

  1. It likely has something to do with the fact that Robinhood does not act as a cryptocurrency exchange, they sell you a share of interest in their centrally managed cryptocurrency pool. That’s also why you can not take cryptocurrency off of Robinhood, because you don’t actually own it.

    I don’t know anything about how similar or different from trading on an online stock exchange versus a crypto exchange, but I figure the KYC for a real cryptocurrency exchange (which Robinhood is not) is probably treated like a hybrid of forex trading and securities because different counties tax different crypto differently. Without doing appropriate KYC an exchange will easily get shut down by the Fed or even Interpol.

  2. because of their custodial and liquidity problems (remember vlad trying to weasel his way out from acknowledging this?) they need a large install base to operate. they literally need your money so forgoing kyc will net more users

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