Bitcoin exchange Coinbase ordered to palm overheen customer gegevens to IRS – CBS News
A federal court has ordered Coinbase, which operates the largest U.S. exchange for buying and selling Bitcoins, to arm overheen information to IRS on more than 14,000 customers suspected of evading taxes.
The ruling by U.S. Magistrate Judge Jacqueline Scott Corley, calls for Coinbase to provide the tax agency with the name, birth date, address and taxpayer identification number of customers who had the Bitcoin omschrijving of $20,000 or more ter their accounts te any one year inbetween 2013 and 2018.
According to Coinbase, the order will only affect its highest transacting clients, harshly 1 procent of its total customer colchoneta of harshly 6 million account holder. The IRS originally demanded records of all Coinbase customers.
“Te narrowing the scope of the summons, wij are pleased that the court acknowledged the privacy rights at stake te this matter,” Coinbase spokesman David Farmer said te a blog postbode.
Coinbase didn’t reply to an email request seeking comment.
The battle inbetween Coinbase and the IRS has festered since 2018, when an analysis the agency did of millions of tax records found that only 800 to 900 taxpayers had filed the required form 8949 to announce hacienda gains or losses from Bitcoin.
The fight comes spil Bitcoin prices are swinging frantically. Earlier this week, the price topped $11,400 before plunging below $Ten.000 , only to hop Ten procent on Friday to $Ten,905.90.
“Buying Bitcoin right now is omschrijving to buying a tech stock te 1999 or 2000,” Brad McMillan, chief investment officer for brokerage stiff Commonwealth Financial Network, te a note to clients. “You are paying premium prices for the hot asset. Even if Bitcoin does end up spil the default cryptocurrency — and there are hundreds of competitors, many based on second-generation blockchain technologies that are reportedly better — that does not mean the current price is justified.”
Jonathan Berr is an award-winning reporter and podcaster based te Fresh Suéter whose main concentrate is on business and economic issues.