Major American crypto exchange Coinbase has announced that it will soon collect additional customer information from users in Canada, Singapore and Japan for compliance reasons.
As of April 1, Coinbase users from the countries concerned will be obliged to disclose further information if they transfer crypto assets to third-party wallets outside of Coinbase.
While crypto investors from Singapore and Japan will be required to provide relevant information for each such transaction, Canadian users who send less than $801 will remain exempt from this new requirement.
-
Screenshot of information requirements for Canadian users.
As shown in the screenshot above, Canadian users must provide the payee’s name and address.
If the above conditions also apply to transfers by Canadian crypto users between two of their own wallets, Canadians must also disclose their own user data again in these cases.
In Japan and Singapore, Coinbase users must now always enter the recipient’s data again for every transaction, regardless of the amount of the payment.
-
Screenshot of information requirements for Singapore users
Similar to Canadian users, Japanese users must provide the full name and address of the person operating the recipient wallet.
Meanwhile, Singaporean investors do not have to provide the full address, just the name and country of the recipient. If incomplete or incorrect information is entered into the provided mask, Coinbase users from all three countries run the risk of being excluded from further trading in cryptocurrencies.
Coinbase users who no longer live in one of the three regions should register their new place of residence as soon as possible, otherwise they could also be affected by the new rules.