Coinbase, the largest US-based crypto exchange, will soon start to require its customers in Canada who send crypto to another financial institution or exchange to provide recipient’s personal information, such as name and address. The new development also affects users from countries such as Japan and Singapore.
The crypto exchange has been sending notices to its customers in the affected countries, stating that the change will take effect in early April.
A user who shared the information on Twitter wrote, “Wait, then what’s the point of crypto/blockchain, being outside of fin.system and all.. I may be better of sending fiat money crypto freaks may not realise but the market is getting extremely regulated.”
Wait, then what’s the point of crypto/blockchain, being outside of fin.system and all.. I may be better of sending fiat money 😂 crypto freaks may not realise but the market is getting extremely regulated. #Coinbase #fail pic.twitter.com/PQ9Z5kQyNs
— Eurasianomics (@eurasianomics) March 25, 2022
As expected, the move has been greeted with tons of backlashes from Coinbase users. Many believe that this will force tons of users to abandon the heavily centralized exchange.
According to a FAQ made available by the crypto exchange, for Canadian users, sending more than 1000 CAD worth $798 in crypto to a financial entity or other crypto exchange will require the name and address of the recipient. This will be effective from 4th April, citing compliance to Canada’s FINTRAC rules.
Read Also: Canada Would Become the Crypto Power House with This Newly Introduced Crypto Bill
For users in Singapore, all crypto transfers from a user’s wallet to an outside address will require the recipient’s full name and country of residence. This will be effective from 1st April 2022, citing local Singaporean regulations.
As for Japan, all transfers of digital assets to recipients outside the country must include the name, address, and destination wallet of the recipient, citing rules established by the Japan Crypto Trading Association (JVCEA). This will also be effective from 1st April 2022.
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