A Judge Just Cleared the Way for the IRS to Seek Coinbase Customer Data
The IRS can now serve bitcoin and ether exchange startup Coinbase with a summons for information about its users, a federal judge ruled today. In an order dated 30th November, Judge Jacqueline Scott Corley sided with a request filed earlier this month by the IRS as part of its bid to investigate alleged tax violations in the US pertaining or connected to digital currency use. When reached for comment, Coinbase said that it expected the order and that it would release a formal statement. The company later said: "We are aware of, and expected, the court’s ex parte order today. We look....
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Coinbase is handing over customer data to the British tax authority, Her Majesty’s Revenue & Customs (HMRC). The measure affects customers with a U.K. address who received more than £5,000 ($6,450) worth of cryptocurrency during the 2019/20 tax year. On Oct. 2, Coinbase sent an email to its U.K. users advising them that it will share their account information with the HMRC. The exchange said the tax agency originally asked for records relating to all UK customers dating back to 2017, but it later worked out a plan that resulted in “a revised notice with reduced....
The Nasdaq-listed cryptocurrency exchange Coinbase has insisted that it does not sell “proprietary customer data” after reports surfaced that its Tracer product is providing “historical geo tracking data” to the U.S. Immigrations and Customs Enforcement (ICE). Coinbase Responds to Reports of It Selling Customer Data to U.S. Government Cryptocurrency exchange Coinbase came under fire last week when reports surfaced accusing the Nasdaq-listed company of selling customer data to the U.S. government. Coinbase Tracer, the analytics arm of the cryptocurrency....
Editor’s Note: The article’s headline and content has been amended to note that the motion was filed by a customer of Coinbase and not the exchange, as reported erroneously, earlier. The misinformation is regretted. A customer from bitcoin exchange Coinbase has filed a motion [PDF] in a San Francisco federal court to block the Internal Revenue Service from accessing transaction records of bitcoin users. The IRS filed a civil petition on November 17, targeting transaction records of bitcoiners registered with the exchange between January 2013 and December 2015. On December 1, a federal....
The U.S. Securities and Exchange Commission (SEC) has asked the judge in the SEC v. Ripple case to block Ripple and its executives from accessing various internal records it claims are unrelated to determining whether XRP is a security. The SEC says that the “defendants do not actually seek relevant evidence, but rather seek to harass the SEC, derail the case’s focus away from its merits, and bog down the SEC with document review.” SEC Seeks to Limit Ripple’s Access to Its Records The SEC wrote a letter to Judge Sarah Netburn Wednesday attempting to block Ripple....
The US Internal Revenue Service can serve bitcoin and ether exchange startup Coinbase with a summons for information about its users, a federal judge ordered today. In an order dated 30th November, Judge Jacqueline Scott Corley sided with a request filed earlier this month by the IRS as it seeks to investigate alleged tax violations in the US. When reached for comment, Coinbase said that it expected the order and that it would release a formal statement later today. The US government celebrated the development, with IRS Commissioner John Koskinen noting in a statement: “Transactions in....