Coinbase Sends IRS Summons Notification To 13,000 Customers

February 24, 2018 12:05 AM

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:

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.

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