Coinbase, the popular cryptocurrency exchange, has introduced a new token mapping policy for its Australian customers. The policy will require users to map their tokens to specific supported cryptocurrencies on the platform.
This move is aimed at ensuring compliance with local regulations in Australia, which require exchanges to have a clear understanding of the cryptocurrencies they are dealing with. By implementing a token mapping policy, Coinbase Australia is taking steps to mitigate potential risks associated with unsupported or unknown tokens.
Under the new policy, customers will need to map their unsupported tokens to a supported cryptocurrency before they can be deposited or traded on the Coinbase platform. Supported cryptocurrencies include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, among others.
Coinbase Australia has indicated that it will work closely with customers to ensure a smooth transition to the new policy. The exchange has also stated that it will continue to add support for additional cryptocurrencies in the future.
The introduction of the token mapping policy is part of Coinbase’s ongoing efforts to ensure compliance with local regulations and protect its users from potential risks associated with the cryptocurrency market. By taking a proactive approach to regulatory compliance, Coinbase is setting an example for other exchanges to follow, and helping to create a safer and more secure cryptocurrency ecosystem for all.