Coinbase Singapore now requires counterparty’s personal information to process transactions

cyptouser9 months agoDecentralized Exchanges290

Coinbase Singapore now requires counterparty’s personal information to process transactions

Coinbase Singapore users must provide additional counterparty information when initiating cryptocurrency deposits or withdrawals from their accounts starting Sept. 5.

The exchange said it introduced these measures in compliance with the Monetary Authority of Singapore (MAS) regulations on anti-money laundering and countering the financing of terrorism.

Coinbase Singapore
Source: Coinbase

According to its website, Coinbase Singapore users are required to provide the following information when sending digital assets out of their wallets:

  • Recipient’s wallet type

  • Recipient’s exchange name (if the transaction is not to a self-custody wallet)

  • Recipient’s full name

  • Recipient’s country of residence

On the other hand, when receiving a crypto deposit from outside its platform, the exchange requires users to provide information about the sender, including full name and country of residence.

Per an emailed statement to its users seen by CryptoSlate, the exchange said it might fail to process a user’s crypto transactions if they fail to provide the required counterparty information. However, Coinbase’s  website clarified that:

“This only affects users in Singapore who are sending crypto from their Coinbase exchange balance to a wallet off the Coinbase platform, or from a wallet off the Coinbase platform to their Coinbase exchange account.”

Last year, the MAS introduced measures mandating digital asset service providers to collect their users’ personal information for transactions performed on their platforms. The measure was designed to curb the use of cryptocurrencies for money laundering and other illegal activities.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Australia ASIC sues eToro alleging lax oversight of crypto derivatives, causing consumer losses

The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against th...

Law expert says the amicus brief filed by 6 law scholars ‘absolutely shreds’ the SEC’s theory

Crypto lawyer James Murphy called the amicus brief filed by 6 law scholars to support Coinbase ...

Coinbase raises bond buyback limit to $180M amid a surge in investor interest

Coinbase increased its bond buyback limit to $180 million and extended its deadline to Sept. 18, acc...

Coinbase launches institutional lending service

Coinbase is in the process of creating an institutional lending service, according to regulator...

Coinbase distances itself from CEO Brian Armstrong’s comments on SEC investigation

Coinbase distances itself from CEO Brian Armstrong’s comments on SEC investigation

Coinbase has publicly distanced itself from statements made by CEO, Brian Armstrong, which...