IRS Denies Bitcoin Exalted Currency Status
The IRS has issued its long-awaited stance on the tax treatment for virtual currencies like Bitcoin (IRS Notice 2014-21). In short, the taxpayer must treat Bitcoin as property for federal tax purposes. The effect of this decision on the viability of the virtual currency is unclear, and small businesses accepting Bitcoin, and their accountants, are scratching their heads as to how this classification will play itself out for daily transactions. The IRS is not alone in denying Bitcoin the exalted status of legal tender. At the moment, not a single country recognizes Bitcoin as a currency. So....
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Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.”
Binance Not Associated With Binance Group
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