Why is Coinbase asking for my driver's license?

Hello there, I'm curious about why Coinbase is requesting for my driver's license. Is this a standard requirement for all users? Could you elaborate on the reasoning behind this request? I understand the importance of verifying user identities in the cryptocurrency space, but I'm wondering if there's a specific regulation or policy that Coinbase follows when asking for such personal information. Additionally, how does Coinbase ensure the security and privacy of my personal details once they've been submitted? I'd appreciate it if you could shed some light on these matters. Thank you.