A Zealous Coinbase Imposes Additional KYC Requirements For Its Dutch Users – CryptoActu

From June 27, Coinbase users residing in the Netherlands will be required to provide detailed recipient information when transferring assets off the platform. L’exchange very eager to show its credentials to regulators anticipates the constraints of the “travel rule” recommended by the Financial Action Task Force (FATF). A zeal for the best effect in a jurisdiction that wanted to apply it but was challenged for violating existing laws on customer confidentiality.

A premature desire for conformity

The Coinbase exchange platform, which is going through a bad patch, has not lost its sense of compliance. Anxious to show her goodwill and not to antagonize particularly fastidious regulators, she decided to be more royalist than the king in a country rather oriented towards strict surveillance of the ecosystem..


The damper of crypto regulation in the Netherlands: the example of Bittr

Nathalie E. – 27 Apr 2020 – 08:59

The founder of Bittr has just announced the closure of his platform […]


Too much even in view of the judgment of the district court of Rotterdam. This one, following the complaint from the local exchange Bitonic, had pinned the Dutch Central Bank for abuse of control by asking users to verify each withdrawal address and send a screenshot of the wallet or a signed message . The supervisor of crypto companies, designated as such by the Dutch Ministry of Finance, is rcame to terms with its decision and acknowledged that the proposed tightening of the rules was unfair.


Bitstamp: KYC mandatory for crypto withdrawals in the Netherlands

Nathalie E. – 20 Jan 2021 – 14:54

Bitstamp, the cryptocurrency exchange based in […]


Coinbase tightens the KYC noose in the Netherlands

Anyway, Coinbase updated its terms of use for its Batavian users. Specifically, starting June 27, if they want to send crypto off the exchange, they will not only have to share the recipient’s full name and residential address, as well as the reason for the transfer.

In certain circumstances, customers would even be required to link a Coinbase wallet to their main Coinbase account. The intention would be to verify that they control the wallet receiving the crypto assets.

To justify this change, the American platform therefore invokes compliance with local regulations. An excess of zeal even though the travel rule is not yet mandatory in the Netherlands. But it may only be a matter of time, the European Commission is working to build a deadly framework for the crypto ecosystem.


The European Union is maneuvering for increased surveillance of crypto transactions

Nathalie E. – Mar 28, 2022, 5:33 p.m.

While the European cryptosphere has only just recovered from a […]


And it’s not just European industry players who say so. Germany, like more recently the United Kingdom, which is of course no longer a member of the EU, have expressed their opposition to this systematic surveillance of cryptocurrency holders, who are in fact assimilated to potential offenders.

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A Zealous Coinbase Imposes Additional KYC Requirements For Its Dutch Users – CryptoActu

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