Major US crypto exchange Coinbase has announced that it will soon collect additional customer information from users in Canada, Singapore and Japan for compliance reasons.
Coinbase users from respective countries will be included from April 1st CommittedTo disclose further details when transferring crypto assets to third-party wallets outside of Coinbase.
While crypto investors in Singapore and Japan will be required to provide relevant information for each such transaction, Canadian users sending less than $801 will remain exempt from this new requirement.
Canadian users will need to provide the recipient’s name and address, as shown in the screenshot above.
If the above terms also apply to transfers by Canadian crypto users between two wallets of their own, Canadians will be required to re-disclose their own user data in these cases.
In Japan and Singapore, Coinbase users now always have to re-enter the recipient’s data for each transaction, regardless of the payment amount.
Similar to Canadian users, Japanese require the person’s full name and address announcement ofThe recipient who operates the wallet.
Meanwhile, Singapore investors are not required to provide a full address, only the name and country of the recipient. Coinbase users in all three countries run the risk of being excluded from further trading in cryptocurrencies if incomplete or incorrect information is entered in the masks provided.
Coinbase users who no longer live in one of the three regions should register their new residency as soon as possible, otherwise they too may be affected by the new regulations.
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