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Coinbase Canada is Coming Soon!
What is Coinbase Canada?
Coinbase Canada is the latest development in Coinbase’s mission to make cryptocurrency more accessible to Canadians. Coinbase Canada has been incorporated to provide Canadians with the best possible crypto exchange service, making it easier for them to take advantage of the benefits of cryptocurrency.
Coinbase Canada is a local service provider based in Canada, and customers will need to accept the new User Agreement before they can access their accounts. Customers will also be asked for additional information, such as their risk profile, financial situation, and trading experience, in order to comply with Canadian-specific Identity Verification requirements.
What Do You Need to Know
There are only two important things to know for now about Coinbase Canada until the exchange officially opens:
- If customers don’t want to accept the new User Agreement, they must close their account and remove funds before February 22nd, 2023. To do this, they can go to their Activity page in the Coinbase app and follow the steps.
- If no action is taken, Canadian customers will automatically be migrated to Coinbase Canada on February 22nd, 2023.
In other words, if you do nothing, you’ll likely not notice any changes except for some branding changes when you log in. However, if you don’t wish to participate in the change, you MUST take action!
Payment Methods for Coinbase Canada
After customers are set up with Coinbase Canada, they can start to trade cryptocurrency. Here are some key facts to know about Coinbase Canada:
- Debit card are accepted as a payment method.
- Bank accounts are not accepted as payment methods for Canadian customers.
- Buying with a debit card requires the card to support “3D Secure“.
- To add a debit card to a Coinbase account, the user must enter their card information and billing address.
- Purchases can then be made on the Buy/Sell page.
- Coinbase no longer supports linking new credit cards and some card issuers are blocking cryptocurrency purchases with existing credit cards.
- Debit cards must have a valid expiration date, CVV, and be 3D secure enabled.
- All credit card and debit card payments are processed through Coinbase Payments.
For more information, check out Coinbase’s page on Payment methods for Canadian customers.
If you are an existing Coinbase customer in Canada, take action before the deadline. If you don’t already have an account, make sure to check out our Coinbase Review. Otherwise, you can check out Coinbase’s official documentation on Coinbase Canada for more.