Providing additional information when sending cryptocurrency
Starting on June 27, 2022, Coinbase will introduce a few changes for customers in the Netherlands to comply with local regulations. This change will only impact customers in the Netherlands who are transferring digital assets from their Coinbase exchange account to a wallet off the Coinbase platform. This change will not affect a user’s Coinbase experience of buying, selling, and exchanging digital assets using Coinbase.
Most steps of sending crypto outside of Coinbase remain the same as before.
If you're a customer in the Netherlands and you're sending digital assets outside of Coinbase, you may need to provide information about the transaction and recipient.
Which transactions are impacted?
We are required to collect additional information for all transactions where a customer in the Netherlands sends crypto from their Coinbase exchange account to an address that is not controlled by Coinbase.
What additional information is required?
Recipient's full name
Purpose of transfer
Recipient’s residential address
How do I provide this information?
Entering the details
Sending to myself checkbox
If you're sending the funds to another wallet that you own, check Sending to myself
Enter the full name of the recipient
Purpose of transfer
Enter the purpose of the transfer (example: rent, dinner)
Enter the full residential address of the recipient
What if I don’t know the recipient's full name or their country of residence?
Please ask them for this information and enter it accordingly
Why can I only send to Coinbase Wallet?
In certain cases, we may require you to link a Coinbase Wallet to your main Coinbase account to send crypto assets off the Coinbase platform. This allows us to verify that you control the Coinbase Wallet that is receiving the crypto assets, which is a requirement under Dutch regulations.
Has my transaction gone through?
Your crypto transaction may not have gone through for one of the following reasons:
You did not provide the accurate or complete name and physical address of the recipient as required by national regulations
The information you provided requires additional compliance review as required by national regulations
You can check the result by signing in to your Coinbase account and reviewing your balance. You may see the transaction as successful in your account history, but if your transaction did not go through, your funds will remain in your account.
If you are sending to someone else, make sure you are accurately providing the full name and address of the recipient (if you didn’t already). If you are sending to yourself, select Send to Self.