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"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
by 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 agoThe 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 agoSpecifically, 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.