Coinbase strengthens compliance measures in Singapore, customers required to provide counterparty information to address money laundering risks

Since September, Coinbase users in Singapore are required to provide additional counterparty information when initiating cryptocurrency deposits or withdrawals from their accounts. Coinbase stated that this is to comply with the Monetary Authority of Singapore (MAS) regulations on anti-money laundering and countering the financing of terrorism.

The affected transactions include sending cryptocurrencies from Coinbase trading balance to wallets outside of the Coinbase platform, as well as sending from wallets outside of Coinbase to Coinbase trading accounts. Buying and selling cryptocurrencies on Coinbase or sending/receiving transactions between two Coinbase trading accounts are not affected.

Sending Cryptocurrency to an External Wallet from the Coinbase Platform

If customers want to send cryptocurrency from their Coinbase trading balance to a wallet outside of the Coinbase platform, they need to provide the following information:

• Recipient's wallet type: Self-hosted wallet or exchange/institution wallet
• Recipient's exchange name: For self-hosted wallets, leave it blank. Only selected Virtual Asset Service Providers (VASPs) are supported.
• Recipient's full name
• Recipient's country of residence

Sending from an External Wallet to a Coinbase Trading Account

To send cryptocurrency from an external wallet to a Coinbase trading account, the sender needs to provide their full name and country/region of residence.