Bitcoin exchange Coinbase has introduced new rules for users sending money off-platform from the Netherlands. This is stated on the company’s blog.

From 27 June 2022, customers are required to provide extended transaction information. It includes:

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

Exchange representatives stated that the changes are necessary to comply with local legislation.

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

Previously, Dutch bitcoin exchange Bitonic notified users to verify 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 implementation of the advanced authentication protocol violated existing customer privacy laws.

Later, the Rotterdam District Court ordered the regulator to justify the requirements for cryptocurrency service providers. The Federal Reserve reversed the decision and admitted that tightening the rules was “not fair enough”.

Recall that in June 2021, Dutch Finance Minister Wopke Hoekstra said that authorities should regulate digital assets, not ban them.

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