Coinbase requires additional info for crypto transfers from Canada, Singapore, and Japan

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Thu, 28 Sep 2023, 03:11 PM
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Coinbase requires additional info for crypto transfers from Canada, Singapore, and Japan

The company announced that starting next month, customers in Canada, Japan, and Singapore will be required to supply recipient information.

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Sun, 27 Mar 2022, 08:08 am UTC

Crypto exchange Coinbase will require additional information for crypto transfers made by users in some jurisdictions. The company announced that starting next month, customers in Canada, Japan, and Singapore will be required to supply recipient information, such as full name, residential address, and even wallet address if crypto transfers.

The crypto exchange has already sent notices to affected customers and explained that the additional requirement is for compliance with the local regulations in these countries. “We adhere to the laws in the jurisdictions in which we operate,” a Coinbase spokesperson told CoinDesk via email.

Canadian users will be required to provide the full name and the full residential address of the recipient of the crypto transfer for affected transactions. “When you send crypto to another exchange or financial entity, Canadian rules require us to collect additional information about the recipient of that transaction,” Coinbase wrote in a FAQ. The additional info will be asked if the amount of the crypto is more than CAD1,000 (US$798) and if the target wallet address is “controlled by another exchange or financial entity (i.e., the recipient's wallet is held by another exchange or an entity other than Coinbase).”

Meanwhile, Coinbase customers in Singapore will be required to provide the full name and the country of residence of the recipient regardless of the amount. “We are required to collect additional information for all transactions where a Singapore user sends crypto from their Coinbase exchange wallet to an address that is not controlled by Coinbase,” the company said.

Coinbase users in Japan will be required to provide the name, address, and destination wallet for recipients of crypto transfers outside of Japan. The additional requirements are for compliance with the rules established by the Japan Cryptocurrency Trading Association (JVCEA).

For Japan and Singapore users, the new requirements will take into effect starting April 1, 2022. For users based in Canada, the new requirements will start on April 4.

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