Coinbase ordered to hand over the private data of thousands of users

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Coinbase ordered to hand over the private data of thousands of users

Coinbase ordered to hand over the private data of thousands of users

Most cryptocurrencies are pseudonymous, but some users of the digital exchange Coinbase 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


So reports Bloomberg, 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, and in turn the government narrowed its request. ** Read more...

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