Coinbase Will Send 13,000 Customer Records To IRS, Per Court Order


As bitcoin prices soared in Q4 2018, Coinbase saw a record number of new users adopt the relatively easy to use platform that allows customers to convert credit, debit and bank related fiat to cryptocurrency.

However, what appeared to be the wild west of crypto trading has ended in a court order for the popular crypto access point to hand over customer account info to the IRS. CCN reports that,

“The top US cryptocurrency exchange for bitcoin, Bitcoin Cash, Ethereum and Litecoin on Feb. 23 notified the 13,000 affected investors by email, informing them the other shoe had dropped. Coinbase will comply with a judge’s ruling in a California federal court to share customer data of 13,000 of its users with the Internal Revenue Service’s (IRS). The IRS was most concerned with accounts with at least $20,000 “in any one transaction type,” as per the court ruling.”

Bitcoin early adopter Andreas M. Antonopoulos tweeted,

Another users tweeted,

It remains to be seen how the US Gobvernemt plans to tax cryptocurrencies.


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