Data of 12,000+ users of US-based cryptocurrency exchange to be disclosed to tax officials

Latest news

    Coinbase, a US-based cryptocurrency service, has informed its users that it must provide the data of thousands of them to the Internal Revenue Service (IRS). The request was part of a probe into alleged tax evasion.

    Read more

    Leading cryptocurrency exchange glitch drains customers’ accounts

    According to a Friday letter to customers from Coinbase, which operates as a cryptocurrency exchange and wallet service, the information of around 13,000 users will soon have to be submitted to the IRS. In its initial court filing in June, the IRS requested information on all Coinbase users, cointelegraph.com reports, but the number was reduced by a court order in November.

    The exchange said the information it is required to provide within 21 days includes ID, name, birth date, address, and transaction records from 2013-2015.

    The cryptocurrency service calls the limitation of disclosure a partial, but still significant, victory for Coinbase and its customers and encouraged users affected “to seek legal advice from an attorney promptly.”

    The California court order said the IRS has the right to identify people, who bought, sold, sent, or received more than $20,000 through their Coinbase accounts in a single year during the three-year period. The IRS initially targeted over 500,000 users in its court filing.

    Coinbase trades in bitcoin and ethereum and is one of the largest cryptocurrency exchanges in the world. As of end of late November 2017, it had 13.3 million reported users. Its own website puts the number at over 10 million.

    View the original article: https://www.rt.com/usa/419790-coinbase-tax-user-info/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    Think your friends would be interested? Share this story!

    In the same category are

    England fans give Nazi salutes, sing Hitler song in World Cup city invaded during WWII (VIDEO) A video showing a group of England fans giving sickening salutes and singing Nazi songs in the World Cup host city of Volgograd, in which nearly 2 mil...
    Royal welcome? Trump to meet the Queen after all during his UK visit, ambassador says US President Donald Trump will meet with Queen Elizabeth during his visit to the UK next month, says the US ambassador to London. The “very symbolic” ...
    Trump decries ‘fake news’ after ABC says ex-campaign manager ‘pleading guilty of manslaughter’ ABC News was forced to issue a retraction after it aired graphics that falsely claimed US President Donald Trump’s disgraced former campaign manager, ...
    ‘Link tax’ and death of memes? EU advances copyright controls Memes banned. Remixes outlawed. Parody videos removed. Critics say this would be the outcome of the EU adopting two controversial copyright rules that...
    ‘Just shot that boy for running’: 17yo unarmed black teen fleeing police killed by officer The fatal shooting of 17-year-old black teenager Antwon Rose by police has sparked protests in East Pittsburgh. An officer is said to have shot Rose, ...
    Australian woman wins right to use dead boyfriend’s sperm to have children A woman in Queensland, Australia, has won the right in court to have children using her dead partner’s sperm. She still has to persuade the medics for...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.