Coinbase to Monitor Outgoing Transactions from Users in Canada, Japan and Singapore
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Cryptocurrency exchange Coinbase will start monitoring outgoing transactions from users in Canada, Japan and Singapore. According to reports, the US-based exchange will monitor those transactions sent to financial institution or other cryptocurrency exchange. Users will need to provide the name, address and — in some cases — the destination of the transfer.

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Coinbase's FAQ says that for users from Canada there is a threshold of CAD $1,000 (~$798) in crypto to financial institution or other cryptocurrency exchange that is required to be verified. The change will come into effect on April 4.

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The move comes after Canada Prime Minister Justin Trudeau invoked the 1988 Emergencies Act. The action was a response to restrict the flow of funds to a group of truck drivers dubbed the "Freedom Convoy," which was protesting the country's COVID-19 restrictions in February 2022.

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