Coinbase will start tracking clients' cryptocurrency transfers

The exchange’s users in Canada, Singapore, and Japan will be required to disclose the identity of the recipients

26.03.2022 - 10:00

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What’s new? The Coinbase cryptocurrency exchange will collect additional information about users when sending assets to third-party addresses. As of April 1, the users in Canada, Singapore, and Japan will be required to disclose the identities of those they send cryptocurrency to. Citing legislation in the aforementioned countries, Coinbase will begin requesting additional information about the recipients.

Coinbase’s announcement

How will the new system function? For Canadians who have sent more than $800, a recipient form will need to be filled out, which means providing their name and actual residential address.

Source: Cointelegraph.com

For Singapore and Japan there will be no minimum threshold for transfers, the residents of these countries must report on each transaction. The users from Singapore will only be required to provide their name and country of residence. The Japanese investors must disclose the name, the full address as well as the name of the cryptocurrency exchange that manages the recipient’s wallet. Failure to fill out the form will not allow the transfer to take place.

It was previously reported that Coinbase will introduce a monthly subscription that will allow trading without fees. The exchange also began marking potentially dangerous tokens with a warning label.

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