Bitcoin exchange Coinbase is under scrutiny by the government agency the IRS, shocking the community. However, it seems Coinbase will be doing everything it can to protect its customer’s data and possibly fight the summons through litigation.
Also read: IRS Demands Coinbase Records In Surprise Tax Probe
Can the IRS Really Sift Through All Coinbase Customers Transactions Over Three Years?
As Bitcoin.com reported earlier this week, the IRS has summoned Coinbase for information concerning customer data over the past three years. According to the summons, the IRS has identified three people who have chosen to use bitcoin as a means to evade taxes. Following this petition, Coinbase addressed customers via the company blog. The post titled “protecting customer privacy” explained the firm will do what it can to object to the IRS summons.
“We want to work with law enforcement