Coinbase has introduced new KYC rules for Singapore users
Coinbase has introduced new KYC rules for Singapore users
Cryptocurrency exchange Coinbase has introduced a number of changes for clients in Singapore to comply with the Monetary Authority of Singapore's (MAS) anti-money laundering and counter-terrorist financing regulations.
The changes only affect users in Singapore who transfer cryptocurrency from their Coinbase exchange account to their Coinbase platform wallet, or from the platform wallet to their exchange account. The change will not affect a client's actions when buying and selling cryptocurrency on Coinbase or sending/receiving transactions between two exchange accounts.
Exchange users will now be required to provide information about the recipient's wallet type, the name of the exchange (unless assets are sent to a self-service wallet), the recipient's full name, and their country of residence, Coinbase said. Cryptocurrency deposits will also require the sender's full name and country of residence.
This decision emphasizes the exchange's desire to comply with the requirements and rules of local regulators, as well as the platform's work in strict accordance with the framework of legislation.
Recall that Coinbase recently offered cryptocurrency lending services to U.S. institutional investors, taking advantage of the vacancy in the cryptocurrency market after BlockFi and Genesis Global left it. Also, the exchange announced in August that Coinbase Financial Markets had received regulatory approval to operate as a futures commission merchant (FCM).
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