Coinbase Will Require Recipient Information From Users in Singapore, and Japan For Cryptocurrency Transactions.

Coinbase Global (COIN), a cryptocurrency exchange, will soon require customers in Japan, and Singapore who send cryptocurrency to another financial institution or exchange to provide the recipient’s name, address, and, in the case of Japan, the destination wallet.

Before that, they also announced that they will track Canadian Transactions worth more than $1000 CAD It has been informing its customers in those countries that the changes will go into effect in early April to comply with local travel regulations in those countries.

Coinbase did not respond immediately to requests for additional comment on the moves but did confirm that they were taking place. The move appears to be controversial among its customers in those countries, that value the privacy of cryptocurrency transactions.

All cryptocurrency transfers from a Coinbase user’s exchange wallets to an outside address in Singapore will require the recipient’s full name and country of residence. This will take effect on April 1, with Coinbase citing local Singaporean regulations.

Furthermore, according to the rules established by the Japan Cryptocurrency Trading Association, all transfers of crypto assets to recipients outside of Japan must include the recipient’s name, address, and destination wallet (JVCEA). This will go into effect on April 1st.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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