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I have seen different trading websites on Bitcoin and a question came to my mind:

Security Why do they require so much identity verification? If I remember correctly MtGox (despite what later happened) when it started, it didn't require any id\bank verification. So my question here is: is identity verification required by law even when dealing with bitcoin trading or is it an anti-fraud system enacted by the trading operator?

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    Please ask unrelated questions in separate posts. I am editing out your second question; you can view it in the edit history if you want to paste it into a new question. – Nate Eldredge Jul 19 '14 at 22:17
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All services that deal also with fiat money, apart from cryptocurrencies, must comply with specific AML (Anti Money Laundering) and KYC (Know your customer) rules, which can be more strict depending on their jurisdiction.

AML/KYC Explained: https://bitcointalk.org/index.php?topic=454795.0

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