Expert: Any Bitcoin Exchange May Follow Coinbase Requested By IRS To Expose Users
The U.S. Internal Revenue Service (IRS) is coming under increasing scrutiny following its request to view the transaction records of Coinbase. The focus on Coinbase, which the exchange described as “indiscriminate” in breadth, is poignant, coming after a treasury audit highlighted a range of failures by the IRS. As the exchange promises to go to court over the request, experts are joining in the debate in a bid to demonstrate the need for more realistic regulatory management surrounding taxation of the everyday cryptocurrency user. IRS shows users still bear responsibility. Perry Woodin,....
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The Internal Revenue Service made demands to Coinbase to turn over information on every single one of its US users in the May 17 letter. Overstepping authority. Senior Republicans were quick to point out that the IRS might very well be exceeding its authority. The “millions of pages” requested seem out of proportion considering that most users traded less than $10,000 worth of cryptocurrency in the requested period. Coinbase, which frequently denies access to users who fail KYC and AML standards, was quick to defend its customers. DOJ trial attorney Amy Matchison points out that the IRS....
The popular cryptocurrency exchange Coinbase has addressed the request from Ukrainian officials to freeze the accounts of all Russian users. A Coinbase spokesperson noted that the digital currency platform would not “institute a blanket ban” against ordinary Russian users.
Coinbase, Coinberry, and Kucoin Follow Binance’s and Kraken’s Decision to Refuse ‘Sabotaging Ordinary Russian Users’
On Tuesday, reports indicate that the Russian invasion has escalated after peace talks at the border between Ukrainian and Russian officials failed. A....
![IRS Sees Bitcoin Transfers as ‘Taxable’ Events [UPDATE]](minthumb/20161211030542.jpg)
Given the recent request by the IRS for cryptocurrency exchange Coinbase to hand over customer information, Bitcoin users should be aware that they’re responsible for determining which transfers are “sales” in their tax reports. User Must Specify ‘Sales’ to IRS. Recently, Bitcoin users raised concerns when the Internal Revenue Service (IRS) requested Coinbase to hand over user information between 2013-2015, calling the move a “dangerous precedent.” Then a California district court upheld this request to pry into the transaction records of the San Francisco based exchange. Coinbase provides....
The letter pushes back at an unpublished article Coinbase says will allege Black employees had "negative experiences" while with the firm.
On 17th March, Coinbase made the announcement that they were introducing stop orders to their Coinbase Exchange service, via a post on the Coinbase blog. Stop Orders Limit Losses. Investopedia defines a stop order as “an order to buy or sell a security when its price surpasses a particular point, thus ensuring a greater probability of achieving a predetermined entry or exit price, limiting the investor's loss or locking in his or her profit.” In the context of Bitcoin, “stop orders allow customers to buy or sell Bitcoin at a specified price. This order type helps traders protect profits,....