Coinbase applied for KYC automated execution tool patent to automatically close non-compliant accounts

Coinbase, the cryptocurrency exchange, has filed a patent for a self-learning compliance enforcement tool that can shut down non-compliant user accounts, BlockBeats reports. According to the patent description issued by the U.S. patent and trademark office, the patent includes an automated system and a corresponding scoring mechanism that works together to cancel non-compliant accounts, particularly those of users suspected of engaging in illegal activities. According to the patent description, it assigns an overall compliance score based on a variety of factors, including user age, account balance, transaction volume, location, verification history, and number of devices with access rights. If the transaction involves more than $2,000, noncompliant transactions are suspended and transferred to law enforcement, the patent says. It is unclear whether Coinbase intends to implement such a system.

Text link:https://www.coindesk.com/coinbase-patents-automated-kyc-enforcement-tool

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