Australian customer account update - August 2022

As part of our commitment to providing our customers with a safe, trusted, and regulated environment in which to enter the cryptoeconomy, we are updating our Australian operations. 

Changes

Coinbase is committed to providing customers in Australia with the best possible service. We are also committed to increasing the use of crypto in Australia to further our mission of creating a more open financial system for the world. For these reasons, we have incorporated Coinbase Australia Pty Ltd to act as a local service provider, and Australian customers will be migrated to our Australian entity for their Coinbase exchange services.

Coinbase Australia has registered and enrolled with the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) to provide digital currency exchange services to Australian customers. Migrating our customers to Coinbase Australia will mean that our provision of services to you will be subject to local regulatory oversight by AUSTRAC.  

Action needed 

You will be automatically migrated to the new Australian entity on either 29 August or 12 September 2022 (depending on the date that we have communicated to you by email), and will be deemed to accept your new User Agreement with Coinbase Australia unless you close your Coinbase account ahead of that date.

When you first sign in to your account after the migration, you will need to indicate your acceptance of the new User Agreement when prompted. 

Verify your identity

As an entity regulated in Australia, Coinbase Australia has different identity verification requirements compared to your existing Coinbase servicing entity.  

As such, we will need to gather additional information from you to comply with Australian-specific requirements. This will happen shortly after the migration, and we’ll be in touch then to explain exactly what you need to do.

New User Agreement refusal

After either 29 August or 12 September 2022 (depending on the date that we have communicated to you by email), you can only access your account once you've indicated your acceptance of the new User Agreement.

Remove funds

If you don't want to accept the new User Agreement, you will need to remove funds from Coinbase and close your account before 29 August or 12 September 2022 (depending on the date that we have communicated to you by email). You can cash out funds by selling them to a supported payment method, or you can send them offsite. You can close your account from your Activity page.

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