There are various reasons why a broker needs to attain additional documentation from a client. The first reason is in terms of international money laundering law that requires for the broker to confirm the true identity of the client. The next reason is it is a requirement of various binary options regulatory organizations that the client identity be confirmed, this is for your protection and the broker. Another key reason is for security purposes, because the last thing you want is someone else claiming to be you and withdrawing your funds.
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I don’t live in the EU, do I have any recourse with a CySEC regulated broker?