Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan | CoinDesk www.coindesk.com/business/2022/03/25/coinbase-to-require-recipient-information-for-crypto-transfers-from-users-in-canada-singapore-and-japan

80 sats \ 10 comments \ @cryptocoin 25 Mar 2022 bitcoin

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25 sats \ 3 replies \ @jeff 26 Mar 2022

I want to know what happens if somebody lies? What happens if somebody fabricates a recipient? Or worse, uses somebody else's name and address?

Is there a mechanism where the recipient needs to confirm their identity?

5 sats \ 2 replies \ @cryptocoin OP 26 Mar 2022

This is phase 1.

If it is self-determined (if Travel rule applies), then the regulator simply waits half a year, does a study finding incidents where they didn't indicate properly, and then Phase 2: Travel rule modified and applies to every withdraw.

20 sats \ 1 reply \ @jeff 26 Mar 2022

This is totally just Phase 1. But I think Phase 2 is more like "identify the owner of this dIrTy sElF-hOsTeD TeRrOrIsT wAlLet for your deposit, otherwise we get to keep the coins".

0 sats \ 0 replies \ @cryptocoin OP 26 Mar 2022

And when even that fails to provide full surveillance, it's on to Phase 3.

You can't withdraw your coins. You can send them to someone on another (approved) exchange, or can sell your position and withdraw the fiat, but there's no withdrawal of your bitcoin.

20 sats \ 0 replies \ @0xtr 26 Mar 2022

Delete any KYC exchange account and buy sats from P2P markets such as:

Bisq
RoboSats (Onion link)

There are many more but those two are my goto marketplaces atm

5 sats \ 0 replies \ @cointastical 27 Mar 2022

Here's a good (and short) Twitter thread on the topic:

Bit by bit the noose tightens around citizens' ability to transact privately

Exchanges are starting to implement the travel rule & the EU is voting on regs 👇🏼👇🏼

The more legal precedents are set, the tighter the knot 1/

https://twitter.com/paddi_hansen/status/1507741898064252935

https://twitter.com/Crypto_Mags/status/1508199122314022914

The Twitter thread, unrolled:

Thread by @Crypto_Mags on Thread Reader App https://threadreaderapp.com/thread/1508199122314022914.html

5 sats \ 0 replies \ @BTCMiner 26 Mar 2022

#DELETECOINBASE

0 sats \ 2 replies \ @cryptocoin OP 25 Mar 2022

Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places.

This will take effect [for Canadians] starting April 4, Coinbase said, citing Canada's FINTRAC rules as reasons for the change.

For users in Singapore, all crypto transfers from a Coinbase user’s exchange wallet to an outside address will require the recipient's full name and country of residence.

In Japan, all transfers of crypto assets to recipients outside of Japan must include the recipient’s name, address and destination wallet,

0 sats \ 1 reply \ @cryptocoin OP 27 Mar 2022

This is the most appropriate response:

Delete Coinbase Account in Three Easy Steps | Cory Klippsten #11966 https://www.swanbitcoin.com/delete-coinbase-account-in-three-easy-steps/

And then get used to using P2P trading platforms.

0 sats \ 0 replies \ @cryptocoin OP 28 Mar 2022

For your P2P options, there is a marketplace that shows best offers (buy or sell) on a few of the larger P2P platforms:

Yadio Bitcoin Marketplace - find the best price from multiple P2P platforms #7224 https://yadio.io/market.html

Or, maybe you build a community of local traders:

Do this: Create simple p2p no-KYC exchange groups with your friends #7424

Or, maybe something like Robosats?

Robosats: A P2P Fiat-to-Bitcoin Trading Site with Lightning Support #11785

There are many other P2P platforms:

Person-to-Person bitcoin Trading Exchanges https://github.com/cointastical/P2P-Trading-Exchanges