Coinbase exchange is ready with its new regulation system to prohibit any kind of legal threat by the regulators of Canada, Japan, and Singapore on its crypto offerings.
Coinbase is a popular crypto exchange in the US, which is publicly listed on Nasdaq. Exchange is known to provide services under full compliance globally, so the exchange’s compliance team always remains ready to tackle future problems in advance.
Recently Coinbase exchange published an announcement blog for its new policies for the crypto users of Canada, Japan, Singapore.
Under the new policies, all the users from these three mentioned regions will have to go under the new procedure to transfer funds to non-Coinbase crypto wallets.
Users will be required to submit the details of their receiving account, whether related to custodial or non custodial wallet. However, these new policies will not impact its users in other countries.
So from 1 April 2022, users of different mentioned countries will be asked to provide the recipient wallet type.
With the change of new policies, Coinbase is getting the usual negative response from its users.
The reasons behind these changes in policies taken by Coinbase because of the local regulatory bodies order of the respective countries.
These steps by the Coinbase exchange are showing that the exchange is somewhat aware of these things in advance because earlier this top-ranked exchange Binance was forced to get out from these countries, however, the exchange tried its best to sustain its operations but failed.
According to experts’ point of view, the crypto industry is in that phase where it is getting started to initiate its position as a new market under the regulatory framework, and with this transition phase, the crypto exchange will have to suffer huge regulatory heat.