Coinbase tightens verification rules for Dutch users

The Bitcoin exchange Coinbase has introduced new rules for users in the Netherlands who transfer funds off the platform. говорится in the company’s blog.

From June 27, 2022, clients are required to provide expanded transaction information. It includes:

• the full name and residential address of the recipient;
• the purpose of the transfer.

The exchange representatives said the changes are necessary to comply with local law.

“In certain cases we may require you to link your Coinbase wallet to your main Coinbase account to send funds off the platform. This will allow us to ensure that you control the address that receives the assets,” the message says.

Earlier the Dutch Bitcoin-exchange Bitonic notified users of the need to confirm each withdrawal address by sending a screenshot of the wallet or a signed message.

In January 2021 the trading platform sued the Dutch central bank. According to Bitonic, the introduction of the expanded verification protocol violated existing customer privacy laws.

Subsequently the Rotterdam district court ordered the regulator to justify the requirements imposed on cryptocurrency service providers. The central bank canceled the decision and said that the tightening of the rules was “not sufficiently fair”.

In June 2021, the Dutch finance minister Wopke Hoekstra said that authorities should regulate digital assets, not ban them.

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