Coinbase is now requiring recipient's information for crypto transfer

Hi HODLers,

As days and months pass, I feel Coinbase has fully morphed into a Bank. Unfortuantely, as they are a company trading on Stock Market and are so big that the regulatory oversight is omnipresent; I believe they have to comply with the most strict laws.

Lately, I have seen many users sharing emails they received from Coinbase. These users were outraged and I believe rightfully so...

What is all of this about?

Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient.

This law and process is supposed to take place from April, 1st in Singapore and Japan and from April, 4th in Canada.

Users have been vocal that they value some level of privacy and this is going over the line.

I believe DeFi just got another reason to be out there. Being able to transact in an anonymous way as some disadvantages but a lot of pros also. Especially with the current geopolitical world we live in.

Stay safe out there,

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