Coinbase Will Take IRS to Court Over Consumer Privacy Attack
The Bitcoin community at large and the Internet boards have been abuzz this week over the IRS (Internal Revenue Service, the national tax authority) of the United States launching a privacy attack on Bitcoin wallet provider Coinbase’s user base. As we have reported, by utilizing what is known as a “John Doe” summons, this potentially could give all of Coinbase’s user information to the agency. Late on Friday, Coinbase announced that they will seek court action in opposition to this manoeuvre. Protecting Customer Privacy. This puts Coinbase in an interesting position, like the one Apple....
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An effort by the US Internal Revenue Service to obtain user records from digital currency exchange Coinbase may take months to resolve. The IRS filed a petition last week in federal court, seeking court approval to subpoena data on customers who bought or sold bitcoin from Coinbase during the period between December 2013 and December 2015. Court filings indicate that no significant action is expected until mid-February. An initial case management conference has been scheduled for 16th February in San Francisco, with 26th January being the last day the two sides could meet to hammer out a....
In the world of technology, there has always been a huge debate going on regarding consumer privacy policies. Ever since the Internet came around, regulators have been struggling to keep up with privacy policy adoption, and that gap is going only growing larger now that technology is evolving at an accelerated pace. During the CES 2016 interview, heads of two cybersecurity regulation agencies stated how tech companies need to be more vigilant regarding personal information protection. There is no denying something has to change if companies and governments want to properly protect consumer....
An attempt by the IRS to obtain user records from digital currency exchange Coinbase just got more complicated. Court documents filed in the District Court for the Northern District of California this week show that lawyers for the California-based startup have filed to officially intervene in the case. The US Internal Revenue Service (IRS) launched its case in late November, seeking court approval for a subpoena that would allow it to obtain information on US users (and, in its eyes, potential tax cheats) who used the service between 2013 and 2015. A month later, Coinbase customer Jeffrey....
Coinbase's compliance office this week revealed that it in order to fully comply with regulations, the company was implementing new rules that would enable the exchange to acquire operational information from bitcoin mining companies. Of course, that mining companies weren't too happy to hear this. Besides going against all that bitcoin should stand for, it is also considered an attack on mining company's financial privacy. Immediately after being released, the community started to criticize these new rules, while Coinbase tried to excuse for the demands claiming it needed more....