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  Tax evasion: Coinbase must disclose data from 14,355 US citizens | Bit Updates
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Tax evasion: Coinbase must disclose data from 14,355 US citizens

Thursday, November 30th, 2017 | bitcoin updates

Setback for the US trading center Coinbase. The operators of the trading platform are now forced by court order to notify the IRS of the identity of more than 14,000 investors. All users are affected, as long as their trading volume exceeded US $ 20,000 in one go from the beginning of 2013 to the end of 2015. The tax authority in many cases assumes tax evasion. The news caused price volatility on the market. The dispute between the US tax authority and Coinbase began in November 2016. With reference to the privacy of its investors, the trading platform refused from the outset to provide extensive information to the tax authorities , As the verdict shows, the IRS staff initially wanted to collect data from 500,000 users. A Californian court has now determined that Coinbase Inc. may reduce its duty to provide information. However, the names, dates of birth, addresses, tax numbers and account activity of the individuals must now be revealed, provided they have sent, received or sold Bitcoin worth at least $ 20,000 between 2013 and 2015. An estimated 14,355 United States citizens are said to be affected by the ruling. However, only around 900 cases in the tax returns have been reported to have generated revenues due to cryptocurrency trading. Therefore, it will certainly not be the last time that the Treasury seeks such extensive information from US venues. It remains to be seen how the verdict will affect the US industry in the medium to long term. The Bitcoin price slipped at least after the announcement of the news in the short term to about 9,600 US dollars. By now, the price has rebounded slightly to more than $ 10,100. BTC-ECHOAbout Lars SobirajLars Sobiraj began in 2000 as a career changer for various computer magazines. In 2006, gulli.com added new priorities: network policy and copyright. After leading the editorial team until October 2012, he now works freelance for various online magazines and of course for his own project, Tarnkappe.info. In addition, Lars Sobiraj teaches students on Sustainable Marketing & Leadership (M.A.) at Cologne University of Applied Sciences Fresenius how to use the Internet and social networks. Some time ago there was a growing interest in cryptocurrency, which fortunately works without the control of central banks. I would like to do my part to ensure that Bitcoin & Co. are not only of interest to pure speculators, but also to the woman and the man next door. All contributions by Lars Sobiraj

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