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.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
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.
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.
- In November last year, Purpose Investments, an investment management firm, launched the very first bitcoin (EXANTE: Bitcoin) and ether (ETH) exchange-traded funds (ETF) with monthly yield and long-term capital appreciation in Canada.
- Purpose Bitcoin Yield ETF and Purpose Ether Yield ETF achieve their investment objectives primarily by obtaining exposure to the relative cryptocurrencies and by implementing a derivatives-based strategy in respect of portfolio securities.
- Purpose expects an annual yield of between 8 and 10% for both ETFs. The management fee for both is 1.10%.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.