Coinbase Enhances Security Measures For Singapore Users Amidst Crypto Expansion

Key Points:

• Coinbase imposes new rules for Singaporean users to meet regulatory standards.
• Users must provide detailed recipient and sender information for cryptocurrency transactions.
• Despite recent regulatory challenges, the exchange is expanding its services, including crypto lending for US institutional investors.

Coinbase, one of the leading cryptocurrency exchanges, has announced new requirements for its users in Singapore to enhance compliance with the Monetary Authority of Singapore (MAS) regulations on anti-money laundering and combating the financing of terrorism.

Starting immediately, Singaporean users will need to provide additional information when initiating cryptocurrency deposits or withdrawals. These measures are aimed at ensuring full adherence to regulatory guidelines and may impact transaction processing for those who fail to comply.

When sending cryptocurrency, users must furnish details such as the recipient’s wallet type, the name of the exchange (if not sending to a self-service wallet), the recipient’s full name, and their country of residence. Likewise, cryptocurrency deposits will require the sender’s full name and country of residence.

Coinbase Singapore outlined the specific information required when sending digital assets out of wallets, including the recipient’s wallet type, exchange name (if not self-custody), recipient’s full name, and country of residence.

Conversely, when receiving crypto deposits from external platforms, users must provide sender information, including the sender’s full name and country of residence.

This move comes as Coinbase Global expands its services, with a recent foray into crypto lending for US institutional investors. To date, the exchange’s Prime service has attracted $57 million in investments for the lending program.

However, it’s worth noting that in June, Coinbase faced regulatory challenges when the SEC charged the platform with an unregistered offer and sale of securities linked to its staking-as-a-service program. Several US states also demanded a halt to Coinbase’s staking services.

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