Coinbase Singapore now requires counterparty personal information to process transactions
Date: 2023-09-06 Author: Karina Ziganova Categories: BLOCKCHAIN
Starting September 5, Coinbase Singapore consumers are required to provide additional counterparty information when making a deposit or withdrawing cryptocurrency from their accounts.
The Exchange said it applied these measures in accordance with the Monetary Authority of Singapore (MAS) rules, which are directed against money laundering and terrorist financing.
Users of Coinbase Singapore are required to provide the following information when sending their digital assets from wallets: According to its website, users are required to provide the following information before each payment:
Recipient Wallet Sample
Primary name of the recipient (if the transaction was to a self-custody wallet)
Name of the recipient Full name, patronymic
The country where the recipient lives.
For example, if you receive a cryptocurrency deposit outside your own platform on the exchange, you must provide the sender's details: full name and country of residence.
According to an email on behalf of the exchange to its customers, it was stated that it was impossible to process users' transactions if they did not provide the necessary information. But the Coinbase website elaborates that:
“This only applies to Singapore users who send cryptocurrency from their Coinbase balance to a wallet from the COINBASE platform or a wallet from the Coinsbitchem platform to their of its Coinedbs exchange balance.
MAS, between 2014 and 2016, required its digital asset service providers to disclose users' personal data for transactions carried out on their platforms. This measure was designed to curb the use of cryptocurrencies for money laundering and other illegal activities.
