More IRS summonses for crypto exchange account holders
The recent John Doe summons developments indicate that the IRS is seriously interested in crypto — better to report than to be audited. The United States Internal Revenue Service has been hunting crypto vigorously for more than five years now, and the pace is getting faster. A couple of decades ago, the IRS was after offshore accounts, and that effort was among the most successful in the IRS’ history. Now, it’s crypto the IRS is after, and there’s no suggestion that the IRS intends to fail. The IRS wants crypto tax data in a big way, from asking about crypto on each tax return to its....
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Payment processing giant Paypal announced on Thursday that “all eligible Paypal account holders in the U.S. can now buy, hold, and sell cryptocurrency directly with Paypal.” The news follows the company’s announcement to support crypto assets at the end of October. Paypal’s New Relationship With Crypto Assets On October 21, 2020, the payment firm Paypal announced that it would soon support bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC). The company said the Paypal customers would be able to buy, sell, and hold the virtual assets. On November....
UK-based bitcoin exchange Bit121 has announced that it will suspend trading and temporarily close today, March 31st. Although the exchange has indicated that the closure is not permanent, it has not said when it will reopen. Bit121 said most of the site's functionality was removed on March 26th. However, users have been able to view account balances and statements, withdraw any sterling balance greater than £50 with no fee, and withdraw any bitcoins held with the exchange. All orders have been cancelled. On Thursday (27th March), the exchange started carrying out withdrawal transactions on....
In a news bit posted by European Bitcoin exchange Bitstamp earlier today, the once-largest Bitcoin exchange promulgated their FINAL NOTICE TO UNVERIFIED ACCOUNT HOLDERS. Some thirteen months ago, Bitstamp updated its Verification Policy to require verification in order to have access to bitcoin and bank transfers. It seems that despite a years time, there are still unverified accounts with positive balances of fiat or bitcoin belonging to individuals or organizations that have, for one reason or another, chosen not to undergo Bitstamp's especially secure (read: stringent) AML/KYC....
German Bitcoin exchange bitcoin.de and Fidor Bank have announced a new "Bitcoin Express" option for Fidor Bank customers to buy and sell bitcoin instantly on the exchange. The new option addresses the delays involved in exchange transactions. Bitcoin exchanges like BitStamp, which are not licensed banks, must often wait hours or even days for a transaction to be cleared by an external bank. But because Fidor Bank is fully licensed, it is able to provide a direct interface to the mainstream banking system, eliminating transaction delays. As a result, holders of a "Fidor Smart Giro Account"....
A CoinDesk poll of nearly 3,000 readers has found that Mt. Gox customers have been waiting months for their withdrawal requests to be fulfilled, despite being 'verified' or 'trusted' account holders. Poll respondents describe frustration with the exchange's customer service, calling it slow, opaque and providing "canned responses". The poll, launched on 4th Feb, discovered that customer requests were long delayed, whether they were in bitcoin or fiat currency. One incensed customer was Daniel Smith of Stoke-on-Trent, England. He contacted CoinDesk in December to report his frustration with....