The taxman is going after US Bitcoin traders
The Internal Revenue Service (IRS) has won a US court case which will force Coinbase to disclose customer information. According to a report by The Verge, Coinbase – a popular cryptocurrency exchange – must share the data of users who have bought, sold, sent, or received over £20,000 through their accounts in a single year, between 2013 and 2015. This is estimated to be 14,355 individuals, said Coinbase.
The IRS believes that “a high number of customers” are not declaring their cryptocurrency investments to it.
Coinbase will now have to disclose user names, dates of birth, addresses, taxpayer IDs, and all account activity.