The US Bitcoin exchange Coinbase emailed 13,000 of its users last Friday warning that the transfer of their data to the Internal Revenue Service (IRS) is imminent. Coinbase has been trying unsuccessfully since 2016 to defend itself against disclosure of the information.
It is no secret that the US tax authorities, as well as elsewhere, have become aware of cryptocurrency trading. Many investors are accused of not paying their profits or taxing them very incompletely. Of the 5.9 million users in the meantime, only 900 were willing to report their earnings between 2013 and 2015 to the tax authorities via an electronic form. The rest has completely omitted any information.
Coinbase, the largest and most popular trading venue in the world, has informed countless of its US users that imminent disclosure of their data to the Internal Revenue Service (IRS) is imminent. The tax authority will be informed about transactions, stocks and personal data such as name and address. According to the verdict, the disclosure now affects all US citizens who have bought or sold Coinbase digital currencies worth at least $ 20,000 at one go.
IRS complained earlier
In November of last year, the IRS had filed another lawsuit against the Coinbase operating company because they did not want to tell them which customers had bought or sold Bitcoin between December 2013 and December 2015. Coinbase said it was committed to protecting the privacy of its investors. The legal dispute has been running since the end of 2016, initially it was about the disclosure of at least 500,000 account data. The current announcement must be considered as a rejection of the petition in court, the procedure until 30 March 2018 again. The reason given for the application was that a judgment in favor of the IRS could have extremely negative effects on Coinbase as well as on the entire crypto market. Of that one may go out without doubt. On the other hand, none of the investors should have assumed that they could move permanently in a legal vacuum.
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