Coinbase to send data on 13,000 users to IRS
Coinbase said it will comply with a court order to release user data on over 13,000 customers to the Internal Revenue Service (IRS). The IRS initially ordered Coinbase to produce records relating to 500,000 customers, an order which the cryptocurrency exchange fought in court. This court battle resulted in an order for Coinbase to produce information on 13,000 customers to the IRS.
Coinbase has issued notifications to affected users and released a statement on its website reagding the situation. “We are writing to let you know that the above-described court order requires us to produce information specific to your account,” Coinbase told customers. “If you have concerns about this, we encourage you to seek legal advice from an attorney promptly.
Coinbase expects to produce the information covered by the court’s order within 21 days.”
The exchange will provide the IRS with the taxpayer ID, name, birth date, address, and transaction records for each user affected by the order.