Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient.
Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places.
Coinbase didn’t immediately respond to requests for additional comment on the moves, but confirmed that they were taking place.
The move does not seem to be going over well with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency.
According to a FAQ provided by Coinbase, for Canadian users, sending more than CAD $1000 ($798) in crypto to a financial entity or other crypto exchange will require the name and address of the recipient. This will take effect starting April 4, Coinbase said, citing Canada’s FINTRAC rules as reasons for the change.
For users in Singapore, all crypto transfers from a Coinbase user’s exchange wallet to an outside address will require the recipient’s full name and country of residence. This will take effect on April 1, with Coinbase citing local Singaporean regulations.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Michael Bellusci is CoinDesk’s crypto payments reporter.
Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
![be[in]crypto-video-news-show:-the-lightning-network-–-beincrypto](https://johnsoncountynewsonline.com/wp-content/uploads/2022/04/11412-beincrypto-video-news-show-the-lightning-network-beincrypto-350x250.jpg "Be[In]Crypto Video News Show: The Lightning Network - BeInCrypto 4")
