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Coinbase Sends IRS Summons Notification To 13,000 Customers

By

Matthew

De Silva

WriterETHNews.com

On Friday, Coinbase sent email notifications to customers who are subject to the slimmed down IRS summons.

On February 23, 2018, cryptocurrency exchange Coinbase notified approximately 13,000 of its customers who are subject to the Internal Revenue Service Summons that the company must hand over information specific to their accounts. Coinbase expects to deliver the required documentation within the next three weeks.

The Court's order directs Coinbase to produce the following information and documents for customer accounts with at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013 to 2015 period:

Coinbase

Some customers reacted to the news on social media.

Here's what bitcoin advocate Andreas Antonopoulos had to say:

For customers who have paid taxes on their cryptocurrency gains, there's nothing to worry about. Those customers who did not report their gains might be subject to back taxes.

Most recently, Coinbase cautioned customers that some of the major credit card networks reclassified cryptocurrency purchases as cash advances. Near the end of last year, Coinbase came under scrutiny for suspected insider trading related to its launch of bitcoin cash (BCH).

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

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