What is changing and why?
Coinbase is committed to providing customers in Germany with the best possible service. We are also committed to increasing the use of crypto in Germany to further our mission of creating a more open financial system for the world. For these reasons, we have incorporated Coinbase Germany GmbH to act as a local service provider, and German customers will be migrated to our German entity for crypto services.
Coinbase Germany received a licence from the German regulatory authority, Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) to provide virtual currency exchange and custody services to German customers. Migrating our customers to Coinbase Germany will mean that our provision of services to you will be subject to local regulatory oversight and protection.
The Coinbase entity that provides you with your Euro wallet (Coinbase Ireland Limited) is not changing, so you do not need to change the bank details when you send funds to Coinbase.
Do I need to do anything?
You will be automatically migrated to the new German entity on 2 August 2021, and will be deemed to accept your new User Agreement with Coinbase Germany 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.
Do I need to verify my identity?
As an entity regulated in Germany, Coinbase Germany has slightly 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 German-specific requirements. This will happen at a later date after the migration, and we’ll be in touch then to explain what you need to do.
What if I refuse to accept the new User Agreement?
After 2 August 2021, you can only access your account once you've indicated your acceptance of the new User Agreement.
If you don't want to accept the new User Agreement, you will need to remove funds from Coinbase and close your account before 2 August 2021. You can close your account by going to your Activity page.