Coinbase Is Asked To Produce Data On 13,000 Customers To IRS

Cryptocurrency exchange Coinbase has been asked to hand over information regarding around 13,000 customers to the US Internal Revenue Service or IRS, under court order, within 21 days.

In a letter to the affected customers last Friday, the company said the court ordered it to provide customers’ taxpayer ID, personal details including name, birth date, address, and historical transaction records for certain higher-transacting customers during the 2013-2015 period.

The IRS in December 2016 had issued a summons asking for records relating to approximately 500,000 Coinbase customers following suspicion that cryptocurrency account holders had evaded tax.

The case was filed in the United States District Court for the Northern District of California. Following Coinbase’s fight, which it calls against unwarranted intrusions from the government, the Californian court in November 2017 ruled that the total number would only include around 14,000 high-transaction users.

Now, the court issued an order asking to produce only certain limited categories of information from the accounts of approximately 13,000 customers. The company calls the reduction in numbers a partial, but still significant, victory for Coinbase and its customers.

The company urged its affected customers to seek legal advice from an attorney promptly. The customers can also refer to Coinbase’s Taxes FAQ for more information on taxes and digital currency.

by RTT Staff Writer

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