I was always told not to store funds on an exchange, but coinbase is both wallet and exchange. So not sure on that one. That being said, I am guilty of leaving small funds in coinbase. I never had to verify with them until I tried logging on last week. All of a sudden, they want ALL my personal information. And the only way I could even get onto my account to see what small change I left in there was to give it to them. Ugh..for that I won't leave any funds with them.
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I believe that is because they have to report earnings to the IRS this year for anything over like $400. They have to be all legal begal now . I don't mind them, I am not trying to hide to much from the government :)