Coinbase: We will send data on 13,000 users to IRS
Bitcoin startup says if concerned, “seek legal advice from an attorney promptly.”
CYRUS FARIVAR - 2/26/2018, 2:28 PM
After over a year of legal wrangling, Coinbase has now formally notified its customers that it will be complying with a court order and handing over the user data for about 13,000 of its customers to the Internal Revenue Service. The company, which is one of the world's largest Bitcoin exchanges, sent out an email to the affected users on Friday, February 23.
The case began back in November 2016 when the IRS went to a federal judge in San Francisco to enforce an initial order that would have required the company to hand over the data of all users who transacted on the site between 2013 and 2015 as part of a tax evasion investigation.
Coinbase resisted the IRS’ request in court. But by November 2017, after a hearing, US Magistrate Judge Jacqueline Scott Corley narrowed the request to only cover 13,000 particular individuals.
The San Francisco-based startup is now required to provide "taxpayer ID, name, birth date, address, and historical transaction records for certain higher-transacting customers during the 2013-2015 period."
Coinbase reminded its users that it is “unable to provide legal or tax advice.” The company also noted, “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.”
https://arstechnica.com/tech-policy/...-users-to-irs/