Bitcoin Slides As Coinbase Informs 13,000 Customers Of Imminent Data Handover To IRS

Sunday, February 25, 2018
By Paul Martin

by Tyler Durden
Sun, 02/25/2018

Having neared $12,000 last week, Bitcoin prices have dipped back into the red for February, accelerating below $10,000 this weekend as news that the US’ largest cryto-exchange, Coinbase, will be turning over 13,000 customers’ information to The IRS.

As CoinTelegraph reports, US-based cryptocurrency exchange and wallet service Coinbase sent an official notice Friday, Feb. 23 to approximately 13,000 of its customers whose information it is legally required to turn over to the US Internal Revenue Service (IRS).

The IRS had initially asked Coinbase in July 2017 to hand over even more detailed information on every one of its then over 500,000 users in an attempt catch those cheating on their taxes. However, another court order in Nov. 2017 reduced this number to around 14,000 “high-transacting” users, which the platform now reports as 13,000, in what Coinbase calls a “partial, but still significant, victory for Coinbase and its customers.”

On Friday, Coinbase told the around 13,000 affected customers that the company would be providing their taxpayer ID, name, birth date, address, and historical transaction records from 2013-2015 to the IRS within 21 days.

Coinbase’s letter to these customers encourages them “to seek legal advice from an attorney promptly” if they have any questions. Their website also states that concerns may also be addressed on Coinbase’s Taxes FAQ.

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