Regulation Approaching Quietly? Coinbase to Require Users in Japan, Canada, and Singapore to Submit Detailed Withdrawal Address Information Starting April 1st

According to notifications received by local users, cryptocurrency exchange Coinbase will require users in Canada, Japan, and Singapore to provide the recipient's name when sending cryptocurrencies to institutions or exchanges starting from 4/1. Failure to comply may result in delayed or canceled transactions and restrictions on future transactions. Coinbase emphasizes that this change is due to regulatory requirements.

Note: Information in this article is sourced from a Twitter user, and Coinbase has not provided an explanation for this situation. Updates will be made if there is a response.

Canadian Users

Due to regulatory changes in Canada, starting from April 1st, when users on Coinbase send more than 1,000 Canadian dollars (CAD), approximately $798 USD, to financial entities or financial service providers such as exchanges, they will need to provide the recipient's name and address.

Singapore

Due to regulatory changes in Singapore, starting from April 1st, when users withdraw funds on Coinbase, they will need to provide the recipient's name and country of residence. The information collected by Coinbase may be subject to future changes due to regulations.

Japan

According to Coinbase's announcement in Japan, users on the main Coinbase platform registered in Japan will also be subject to the following restrictions:

Based on the Travel Rule established by the Japan Virtual Currency Exchange Association (JVCEA), starting from April 1st, users sending cryptocurrency assets will need to provide the recipient's name, legal entity name, wallet address, and exchange. Incorrect information may result in transaction delays, cancellations, and restrictions on future transactions.

As of the deadline, Coinbase and CEO Brian Armstrong have not responded to this matter.