1 year ago
Coinbase Singapore users indispensable supply further counterparty accusation erstwhile initiating cryptocurrency deposits oregon withdrawals from their accounts starting Sept. 5.
The speech said it introduced these measures successful compliance with the Monetary Authority of Singapore (MAS) regulations connected anti-money laundering and countering the financing of terrorism.
Source: CoinbaseAccording to its website, Coinbase Singapore users are required to supply the pursuing accusation erstwhile sending integer assets retired of their wallets:
- Recipient’s wallet type
- Recipient’s speech sanction (if the transaction is not to a self-custody wallet)
- Recipient’s afloat name
- Recipient’s state of residence
On the different hand, erstwhile receiving a crypto deposit from extracurricular its platform, the speech requires users to supply accusation astir the sender, including afloat sanction and state of residence.
Per an emailed connection to its users seen by CryptoSlate, the speech said it mightiness neglect to process a user’s crypto transactions if they neglect to supply the required counterparty information. However, Coinbase’s website clarified that:
“This lone affects users successful Singapore who are sending crypto from their Coinbase speech equilibrium to a wallet disconnected the Coinbase platform, oregon from a wallet disconnected the Coinbase level to their Coinbase speech account.”
Last year, the MAS introduced measures mandating integer plus work providers to cod their users’ idiosyncratic accusation for transactions performed connected their platforms. The measurement was designed to curb the usage of cryptocurrencies for wealth laundering and different amerciable activities.
The station Coinbase Singapore present requires counterparty’s idiosyncratic accusation to process transactions appeared archetypal connected CryptoSlate.
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