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1) This is only for the Netherlands. This should really be stated in the title; the post is extremely misleading as it is. 2) It is a meaningless and merely sl

1) This is only for the Netherlands. This should really be stated in the title; the post is extremely misleading as it is. 2) It is a meaningless and merely slightly inconvenient rule. It simply adds an extra step: withdraw to your own wallet, then transfer with whomever you want and you don't need to tell Coinbase about them. It is better to transact with third parties from your own wallet anyway.

elevaet 4y ago
Yes, this seems like one of the least newsworthy stories to make it to the frontpage today.
sealeck 4y ago
"It is a meaningless and merely slightly inconvenient rule. It simply adds an extra step: withdraw to your own wallet, then transfer with whomever you want and you don't need to tell Coinbase about them. It is better to transact with third parties from your own wallet anyway. " Except that you'd be committing a crime in doing so (from my understanding of the law). You can't get around anti money laundering regulation by claiming "oh I did it with my personal wallet not Coinbase's"
- plsbenice34 4y ago
  The regulations do not apply to individuals using their own wallets. It is not unusual for different laws to apply to businesses and individuals.
  - saalweachter 4y ago
    Specifically, taking actions to evade AML regulations also gets you in trouble. Withdrawing money from the bank for your own purposes is fine; withdrawing $9500 multiple times is fine. Making multiple withdrawals of $9500 to avoid reporting a transaction of $10,000 or more gets you in trouble, once someone notices. Making withdrawals to yourself from Coinbase is analogously fine (to this non-lawyer), but doing so to avoid reporting transactions you are otherwise obligated to will eventually get you in trouble.
oefrha 4y ago
You forgot to mention the extra step costs extra money. That’s not merely slightly inconvenient, it has material consequences.
- nly 4y ago
  Bitcoin transfers are pretty cheap for modestly decent amounts at the moment. Sure it sucks, but most of the practical low volume transactions are going to happen via VISA or MasterCard anyway.
rc_mob 4y ago
yo those btc fees add up

elevaet 4y ago

Yes, this seems like one of the least newsworthy stories to make it to the frontpage today.

sealeck 4y ago

"It is a meaningless and merely slightly inconvenient rule. It simply adds an extra step: withdraw to your own wallet, then transfer with whomever you want and you don't need to tell Coinbase about them. It is better to transact with third parties from your own wallet anyway. " Except that you'd be committing a crime in doing so (from my understanding of the law). You can't get around anti money laundering regulation by claiming "oh I did it with my personal wallet not Coinbase's"

plsbenice34 4y ago
The regulations do not apply to individuals using their own wallets. It is not unusual for different laws to apply to businesses and individuals.
- saalweachter 4y ago
  Specifically, taking actions to evade AML regulations also gets you in trouble. Withdrawing money from the bank for your own purposes is fine; withdrawing $9500 multiple times is fine. Making multiple withdrawals of $9500 to avoid reporting a transaction of $10,000 or more gets you in trouble, once someone notices. Making withdrawals to yourself from Coinbase is analogously fine (to this non-lawyer), but doing so to avoid reporting transactions you are otherwise obligated to will eventually get you in trouble.

oefrha 4y ago

You forgot to mention the extra step costs extra money. That’s not merely slightly inconvenient, it has material consequences.

nly 4y ago
Bitcoin transfers are pretty cheap for modestly decent amounts at the moment. Sure it sucks, but most of the practical low volume transactions are going to happen via VISA or MasterCard anyway.

rc_mob 4y ago

yo those btc fees add up