Coinbase Likely to Lose Battle to Protect Users from IRS Bitcoin Tax Probe

GrandpasNaked (OP)

Newbie

Offline

Activity: 63
Merit: 0

Coinbase Likely to Lose Battle to Protect Users from IRS Bitcoin Tax Probe

November 13, 2017, 11:12:32 PM

#1

cryptocoinsnews.com/?p=122831

Some serious bullshit that isn't getting as much coverage as it should be. Major invasion of privacy Embarrassed

Davidbugs2

Full Member

Offline

Activity: 217
Merit: 100

Re: Coinbase Likely to Lose Battle to Protect Users from IRS Bitcoin Tax Probe

November 13, 2017, 11:32:21 PM

#2

Thats really terrible news. Why one earth coinbase has been compromising for this? I should better leave coinbase then. Roll Eyes

jseverson

Hero Member

Offline

Activity: 1834
Merit: 759

Re: Coinbase Likely to Lose Battle to Protect Users from IRS Bitcoin Tax Probe

November 14, 2017, 01:58:25 AM

#3

Well that's scary. I don't have a strong grasp of US laws, but can they really demand that information? I know they can get information from Google and the like when it's linked to criminal activity. But then again, isn't tax evasion a criminal offense? This is really scary, as it will set a precedent on investigations of large Bitcoin transactions.

I hope the courts rule in Coinbase's favor.

.ChipMixer.{ MIXING REINVENTED FOR YOUR PRIVACY #.ChipMixer.

prettybuds

Full Member

Offline

Activity: 280
Merit: 100

Re: Coinbase Likely to Lose Battle to Protect Users from IRS Bitcoin Tax Probe

November 14, 2017, 02:02:08 AM

#4

Quote

If you’re a long-time Coinbase user and have neglected to pay taxes on your bitcoin profits, you may soon find yourself in legal hot water, because a U.S. district court is likely to force the bitcoin exchange to hand over records from thousands of U.S. customers to the Internal Revenue Service (IRS).

So, a lot of convictions for tax evasion imminent?