Loading cryptocurrency prices...

Coinbase Sends IRS Summons Notification To 13,000 Customers

- Advertisement -

February 24, 2018 12:05 AM

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:

- Advertisement -

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 is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

Like what you read? Follow us on X @Bitnewsbot to receive the latest Coinbase, IRS or other Ethereum wallets and exchanges news.



Previous Articles:

- Advertisement -

Latest News

Fed’s Barr Warns of Stablecoin Risks as Rules Remain Unwritten

U.S. regulators have not finalized rules for stablecoins, leaving the sector in a regulatory...

TSMC Profit Surge Lifts AI Chip Stocks; Nvidia, Intel Rebound

AI chip stocks rose after TSMC announced a 39% profit increase for Q3 2025. TSMC...

Tesla Draws Mixed Analyst Ratings; BNP Paribas Sees 29% Downside

BNP Paribas initiated coverage of Tesla with an ‘Underperform’ rating and set a price...

Ripple CEO: ‘People Need Education on Ripple’s XRP Control’

Ripple CEO Brad Garlinghouse emphasized that the company does not control XRP and called...

Crypto Predictors Turn Bearish as Bitcoin, Solana Odds Slip

Crypto market sentiment turned more bearish on Thursday...
- Advertisement -

Must Read

5 Best Hacking eBooks for Beginners

In this article we present the 5 Best Hacking eBooks for beginners as ranked by our editorial teamWelcome to the world of hacking, where...