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For users in the Netherlands, COINBASE has made KYC information necessary for outgoing cryptocurrency payments as of June 26, 2022 (Sunday).
To comply with the Sanctions Act of 1977, Coinbase implemented some changes for Dutch users including the new KYC rule. Along with the Prevention of Money Laundering and Terrorist Financing Act, that law went into effect.
The senders, if they reside in the Netherlands, and if they are sending cryptocurrency from their Coinbase account to a third party wallet, then they must have inform about the recipient's name and complete residence address in addition to the reason for the transfer,
The goal of this regulation is to control cryptocurrency. This is only a concern for customers, to avoid problem, people will now make all transfers from one to another Coinbase account. Coinbase hopes to grow its user base and crypto wealth among Dutch on this pretext.
And People Moves Out
Fervent cryptocurrency supporters are no less intelligent. People have started withholding their cryptocurrency holdings by withdrawing them from Coinbase by simply transferring them to any other wallet.
Conclusion
Tracking transactions is an useless restriction, that could cause Coinbase to lose ground, cryptocurrency was designed to promote economic freedom.
