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Coinbase Implements KYC Travel Rule in the Netherlands

Coindesk | Jamie Crawley | Jun 24, 2022

Travel rule - Coinbase Implements KYC Travel Rule in the Netherlands

Image: Unsplash, Christine Roy

From June 27, Coinbase customers in that country will have to supply key details about the transaction and the recipient when moving crypto out of the exchange.

Coinbase's Dutch clientele will soon have to meet additional know-your-customer (KYC) requirements when transferring crypto to wallets held outside of the exchange.

Specifically, beginning June 27, Coinbase users in the Netherlands wishing to pull crypto from the exchange will have to share the recipient's full name and residential address as well as the purpose of the transfer. In certain circumstances, customers would be required to link a Coinbase (COIN) wallet to their main Coinbase account to verify that they control the wallet receiving crypto assets.

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Coinbase told customers it is making these changes as "required by local regulations," an apparent reference to the Financial Action Task Force's (FATF) travel rule, which requires crypto service providers to exchange the personal information of the senders and receivers in order to tackle fraud and money laundering.

Currently, however, the travel rule is not mandated in the Netherlands, suggesting that Coinbase is attempting to pre-empt the possibility of this regulatory action.

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