Cryptocurrency stock market Coinbase, From customers living in Canada, Japan, and Singapore to other financial institutions or exchanges bitcoin and when sending cryptocurrencies, it will ask for the recipient’s name, address and, for Japan, the recipient’s destination wallet information.
The largest crypto company in the USA sent informational messages to its customers in these countries that the said changes will take effect from the beginning of April.
However, Coinbase declined to comment further on the matter, but confirmed that changes will occur.
Cryptocurrency Users Aren’t Satisfied With Coinbase’s Changes
Customers in these countries, on the other hand, were not satisfied with the recent changes, stating that the anonymity feature in crypto money transactions is important to them.
Details on the changes were discussed in the frequently asked questions section created by Coinbase. Canadian users will also have to provide the name and address of the recipient when they want to transfer over 1000 Canadian dollars ($798) to a financial institution or crypto exchange. Citing Canada’s FINTRAC rules, the cryptocurrency exchange stated that the changes will come into effect as of April 4.
Singaporean users, on the other hand, will have to write the full name of the recipient and the country where the recipient is located for all crypto money transfers from a cryptocurrency exchange to an external address. Local country regulations were cited as the reason for the changes for Singaporean users. The final rules will apply in the country from 1 April.
For Japan, all cryptocurrency transfers will require the recipient’s name, address, and destination wallet information if the recipient is located outside of Japan. The changes will take effect on April 1 in Japan.
*Not investment advice.