Last Updated: 25 June 2022
Coinbase’s Dutch customers will be followed extra from June 27th onwards. In an email to Dutch customers, Coinbase explains why.
It specifically concerns outgoing transactions. Are you sending bitcoin to your address outside the crypto exchange? Then you must also provide a physical address and name. And a reason for the transaction. The American company refers to Dutch regulations as the reason for this decision.
Of course, the standard identification requirements also remain in place. As a small bonus, Coinbase also indicated they will be monitoring transactions coming from their platform for longer. Money flows on the bitcoin network are public. Coinbase keeps a close eye on the money even after your transaction from the platform. Again, this refers to local and international rules.
Starting from April 1, Canadians, Japanese, and Singaporeans will have to share additional information when sending transactions to another platform from Coinbase. It simply means it will become more difficult to send bitcoin from Coinbase to another (platform). You have to account for your transaction.
Singaporean and Japanese investors must share additional information on all outbound transactions. Tthere is a limit of 1,000 Canadian dollars (about 800 US dollars) in Canada. Canadians below this amount fall outside the new rules.
The screenshot below shows you how this works. When you want to send a transaction from Coinbase, Canadians have to fill in the recipient’s full name and residential address (!). Lying about this makes you a fraud on the platform.
This even applies to transactions to your own wallets.