Coinbase to Comply with FATF Travel Rule in Canada, Singapore, Japan

Cryptocurrency exchange Coinbase Global has been sending out notices to customers in Canada, Singapore and Japan over a new change that will take into effect next month in order to comply with the local travel rules in those countries. Coinbase to Monitor Large Transactions in Canada, Singapore, Japan Complying with the anti-money laundering laws called the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), Coinbase will now require customers in Canada, and Singapore who send cryptocurrencies to another financial institution or exchange to provide their name, address and in Japan, the destination wallet of the recipient. According to an official notice by Coinbase, Canadian users, sending more than CAD $1000 ($800) in crypto to a financial institution or exchange will require the name and address of the recipient, starting April 4, citing Canada’s FINTRAC rules. A Coinbase user in Canada sent me this. So it begins. Next on the menu…disabling withdrawals to crypto wallets? The Canadian government wants to trap crypto into their financial panopticon. Go bankless while you can. pic.twitter.com/YxRTaQ7HP8 — RYAN SΞAN ADAMS – rsa.eth 🦇🔊 (@RyanSAdams) March 25, 2022 In the case of Singapore, transferring crypto from a Coinbase wallet to an outside address will require the recipient’s full name and address starting from April 1, citing local regulations. Wait, then what’s the point of crypto/blockchain, bei...