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11-30-2017, 02:11 PM
Coinbase ordered to hand over the private data of thousands of users
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Most cryptocurrencies are pseudonymous, but some users of the digital exchange Coinbase (http://mashable.com/2015/01/20/coinbase-funding-75-million/) are about to have their identities blown wide open thanks to the Tax Man.*
A federal court Wednesday ruled that San Francisco-based Coinbase must turn over identifying information on users that engaged in at least $20,000 worth of transactions via the service in 2013, 2014, or 2015. It seems, the IRS alleges, that not all of them have been reporting their gains to Uncle Sam.*
SEE ALSO: IRS targets Coinbase users in an attempt to thwart tax fraud (http://mashable.com/2017/11/09/irs-coinbase-user-data/?utm_campaign&utm_cid=a-seealso&utm_context=textlink&utm_medium=rss&utm_source)
So reports Bloomberg (https://www.bloomberg.com/news/articles/2017-11-29/coinbase-loses-bid-to-block-irs-probe-of-bitcoin-gains), which notes that U.S. Magistrate Judge Jacqueline Scott Corley found the IRS's demands to be reasonable. This is a turnaround from 2016, when the IRS asked for customer data spanning from 2013 to 2015. The company called that request overly broad (http://mashable.com/2017/11/09/irs-coinbase-user-data?utm_campaign&utm_context=textlink&utm_medium=rss&utm_source), and in turn the government narrowed its request. ** Read more... (http://mashable.com/2017/11/29/coinbase-cryptocurrency-irs-customer-data/)
More about Bitcoin (http://mashable.com/category/bitcoin/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Coinbase (http://mashable.com/category/coinbase/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Irs (http://mashable.com/category/irs/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Ethereum (http://mashable.com/category/ethereum/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), and Cryptocurrency (http://mashable.com/category/cryptocurrency/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)https://pubads.g.doubleclick.net/gampad/ad?iu=/6692/mash.to/rss&pos=atf&tag=ad&mtype=standard&type=rss&sz=300x250&c=1512026469 (https://pubads.g.doubleclick.net/gampad/jump?iu=/6692/mash.to/rss&pos=atf&tag=ad&mtype=standard&type=rss&sz=300x250&c=1512026469)
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Most cryptocurrencies are pseudonymous, but some users of the digital exchange Coinbase (http://mashable.com/2015/01/20/coinbase-funding-75-million/) are about to have their identities blown wide open thanks to the Tax Man.*
A federal court Wednesday ruled that San Francisco-based Coinbase must turn over identifying information on users that engaged in at least $20,000 worth of transactions via the service in 2013, 2014, or 2015. It seems, the IRS alleges, that not all of them have been reporting their gains to Uncle Sam.*
SEE ALSO: IRS targets Coinbase users in an attempt to thwart tax fraud (http://mashable.com/2017/11/09/irs-coinbase-user-data/?utm_campaign&utm_cid=a-seealso&utm_context=textlink&utm_medium=rss&utm_source)
So reports Bloomberg (https://www.bloomberg.com/news/articles/2017-11-29/coinbase-loses-bid-to-block-irs-probe-of-bitcoin-gains), which notes that U.S. Magistrate Judge Jacqueline Scott Corley found the IRS's demands to be reasonable. This is a turnaround from 2016, when the IRS asked for customer data spanning from 2013 to 2015. The company called that request overly broad (http://mashable.com/2017/11/09/irs-coinbase-user-data?utm_campaign&utm_context=textlink&utm_medium=rss&utm_source), and in turn the government narrowed its request. ** Read more... (http://mashable.com/2017/11/29/coinbase-cryptocurrency-irs-customer-data/)
More about Bitcoin (http://mashable.com/category/bitcoin/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Coinbase (http://mashable.com/category/coinbase/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Irs (http://mashable.com/category/irs/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), Ethereum (http://mashable.com/category/ethereum/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial), and Cryptocurrency (http://mashable.com/category/cryptocurrency/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)https://pubads.g.doubleclick.net/gampad/ad?iu=/6692/mash.to/rss&pos=atf&tag=ad&mtype=standard&type=rss&sz=300x250&c=1512026469 (https://pubads.g.doubleclick.net/gampad/jump?iu=/6692/mash.to/rss&pos=atf&tag=ad&mtype=standard&type=rss&sz=300x250&c=1512026469)
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