Australian User Agreement changes - 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. We have incorporated Coinbase Australia Pty Ltd, and obtained registration and enrolment with the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) to provide digital currency exchange services (with digital currency exchange registered provider number DCE100784914-001).

This change means you will soon be receiving services from a local Australian entity and we need to make an update to the User Agreement for Australian customers. This update will be effective for you on either 29 August or 12 September 2022, depending on the date that we have communicated to you by email. This summary is intended to help you better understand our updated User Agreement. To see the full scope of changes in the updated User Agreement that will govern your Coinbase account and use of the Coinbase services, you will need to review the full updated User Agreement.

Here is a summary of the major changes and clarifications: 

  • Change to the details of the Coinbase company (or companies) which provides service to you, to reflect that you will now receive services from a new Australian entity.

  • New details regarding the applicable regulatory authority (AUSTRAC) and the regulatory status of Coinbase Australia Pty Ltd and its services, as well as the inclusion of risk warnings specific to Australian law.

  • Adding in specific references to applicable Australian legislation, such as the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and Corporations Act 2001 (Cth).

  • Reordering the User Agreement so that some of the terms (e.g. how Coinbase may make amendments to the User Agreement and how disputes shall be resolved) are more prominent.

  • A new Section 4.13 confirming the treatment of local currency funds (fiat funds) that you load into your primary balance (fiat wallet) with Coinbase.

  • Change to the governing law of the User Agreement and the process for resolving any dispute relating to the User Agreement.

  • Change to the description of how staking rewards may be offered (at Appendix 3).

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