Why does Xapo Bank require proof of address?

Why does Xapo Bank require proof of address?

We take your security very seriously and adhere to regulatory requirements closely to fulfil this promise. For this reason, we need to verify your address before you can open an account with us.

We may ask you to submit a document that displays your address when you sign up for your Xapo Bank account. Once your account has been opened, you can update this information through the app.