.Coinbase customers in the Netherlands will soon have to meet additional KYC requirements when transferring crypto to wallets held elsewhere. JamieCrawleyCD reports.
Coinbase's Dutch clientele will soon have to meet additional know-your-customer requirements when transferring crypto to wallets held outside of the exchange.wishing to pull crypto from the exchange will have to share the recipient's full name and residential address as well as the purpose of the transfer. In certain circumstances, customers would be required to link a Coinbase wallet to their main Coinbase account to verify that they control the wallet receiving crypto assets.
Coinbase told customers it is making these changes as"required by local regulations," an apparent reference to the Financial Action Task Force's , which requires crypto service providers to exchange personal information of the senders and receivers in order to tackle fraud and money laundering., suggesting that Coinbase is attempting to pre-empt the possibility of this regulatory action.Coinbase has previously attempted to demonstrate a pro-active approach to travel rule compliance by
. Its membership has grown to over 30 firms and its jurisdictional footprint beyond the U.S. to Canada and Singapore with plans to extend to Europe.
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