US cryptocurrency exchange Coinbase has announced that it will soon collect additional customer information from users in Canada, Singapore and Japan for compliance reasons.
Coinbase users from the respective countries will be included from April 1 committedTo reveal more information when transferring crypto assets to third-party wallets outside 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 still be exempt from this new requirement.
As shown in the screenshot above, Canadian users must provide their payee name and address.
If the above conditions also apply to transfers made by Canadian crypto users between two of their own wallets, Canadians must also disclose their user data again in these cases.
In Japan and Singapore, Coinbase users now must always enter the recipient’s data again for each transaction, regardless of the payment amount.
Similar to Canadian users, the Japanese need this person’s full name and address announcethat manages the recipient’s wallet.
Meanwhile, Singaporean investors do not have to provide the full address, only the name and country of the recipient. If incomplete or incorrect information is entered into the mask provided, Coinbase users from all three countries risk being disqualified from further cryptocurrency trading.
Coinbase users who no longer live in one of the three regions must register their new residence as soon as possible, otherwise they may also be affected by the new rules.