Coinbase now asks about recipient identity to send crypto from users in Canada, Singapore, and Japan

Starting on April 1, 2022, Coinbase will introduce new rules for customers in Canada, Singapore, and Japan to comply with local regulations in those countries. These changes will not affect users outside these countries.

While we will always advocate for what we think the laws should be, we must respect the laws that exist if we want to offer the suite of Coinbase services to customers in that country. I also want to make it clear that these changes, as outlined in our FAQ, only apply to Canada, Singapore, and Japan, where the laws require us to collect additional information. We are not applying this globally to customers.

Coinbase spokesperson

According to Coinbase FAQs, for Canadian users, sending more than CAD $1,000 worth of crypto to another financial entity or other crypto exchange will require the name and address of the recipient.

Coinbase recipient information required

Coinbase
Coinbase
  • What’s a self-custody wallet?
    Also known as a self-hosted wallet is a wallet for which the private keys are held by the user and not by the exchange.
  • What’s a wallet at another exchange or institution?
    A wallet at another exchange is a wallet for which another exchange or financial institution holds the private keys e.g. Bitfinex or Binance.
  • What if I don’t know the recipient’s wallet type?
    Please ask the recipient and select the type of wallet accordingly.
  • Sending to myself 
    If you’re sending the funds to another wallet that you own.
  • Full name
    Enter the full name of the recipient. 
  • Address
    Enter the full residential address of the recipient.
  • What if I don’t know the recipient’s full name or their address/residential country?
    Please ask them for this information and enter it.

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