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Author Topic: is Bitstamp reporting it's users to EU Tax Offices?  (Read 171 times)
Tommy_T
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January 28, 2018, 09:13:40 PM
 #1

Are they submitted to CRS / AEOI or do they exchange information with tax authorities within countries of the EU in any other form? Doesn anyone know?
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January 28, 2018, 09:27:30 PM
 #2

Of course they are.

Do you really think anybody will be allowed to set up a financial business in the EU funnelling literally hundreds of millions of euros without the tax authorities of eu member countries making sure they know exactly where all that nice tax revenue is going and to whom?

Government today is solely about one thing, and one thing only:

The hunt for taxes.
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January 28, 2018, 09:34:27 PM
 #3

Of course they are.

Do you really think anybody will be allowed to set up a financial business in the EU funneling literally hundreds of millions of euros without the tax authorities of eu member countries making sure they know exactly where all that nice tax revenue is going and to whom?

This right here.

They could either be reporting them or they've been subpoenaed to give all of their information over to the EU tax offices. I mean I wouldn't be surprised if their being subpoenaed and such, but I'd expect them to be transparent about what they're giving up with their users - just like what Coinbase did as they tell people what was going on with the IRS.

Waiting for an announcement from bitstamp.




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Tommy_T
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January 28, 2018, 09:48:00 PM
 #4

Well I'm not sure if they do or even have to, I think if they were subjected to AEoI or CRS they would have to have a banking license as only banks have to report. As far as I know not even e-wallets have to report, therefore its a bit far fetched to assume that money exchanges have to. I've also never been asked for a tax number, which is a standard procedure of CRS/AEoI. As far as that goes, I would have to think they do not simply share client information but this is all guessing.

I dont think any site would share their clients information and possibly cause them trouble with tax authorities if they didnt necessarily have to.

Does anyone have fact based information?
richardsNY
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January 28, 2018, 09:56:43 PM
 #5

The point is that it should be made publicly if they ever plan to do so. If not, then it's just a nasty practice of Bitstamp, an exchange that has earned its stripes throughout the years. I think the only bit of 'proof' (in case Bitstamp doesn't make it public) is that people start complaining about them being taxed without even having declared anything to their respective tax agency. I however believe that it's just a matter of time before the major part of the licensed exchanges start reporting user information to the tax authorities -- I can see it become part of the already tight set of regulations within 2 years. It's something we basically can't prevent from happening with tax hungry governments looking to claim "their" cut....
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January 28, 2018, 09:58:29 PM
 #6

I seriously doubt they're reporting all users automatically. Most tax authorities are still completely clueless and rather busy. In the UK at least you report your taxes. If they don't like it then they'll start enquiring. Up until then they'll take it on trust.

They are of course storing absolutely everything and will happily hand it over as long as the correct applications are made. In the meantime all of your giant profits go to your bank account which will indeed be triggered if epic amounts are arriving.


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January 29, 2018, 12:23:19 AM
Merited by bcmine (5)
 #7

In the meantime all of your giant profits go to your bank account which will indeed be triggered if epic amounts are arriving.
I don't think it's just about larger amounts being cashed out to your bank account. I have the impression that they let the total amount you send to your bank account accumulate to have that reported.

Last year my bank account was put on hold due to unauthorized amounts of money being sent to my bank account after the last few cash out requests. I had to declare these funds, just in case it was indeed reported.

Everything was fixed pretty quickly, but for that reason I don't cash out anything anymore to my bank account in the coming few years. It makes long term hodling for me easier than ever before.

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Tommy_T
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January 29, 2018, 01:04:39 AM
 #8

In the meantime all of your giant profits go to your bank account which will indeed be triggered if epic amounts are arriving.

what exactly does that mean? Bitstamp wont automatically withdraw funds from my account to my bank account that I've linked with them, right? So why would the money that I store on Bitstamp be sent to my bank account if I wouldn't send it there by myself ??!
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May 22, 2018, 04:42:06 PM
 #9

In the meantime all of your giant profits go to your bank account which will indeed be triggered if epic amounts are arriving.

what exactly does that mean? Bitstamp wont automatically withdraw funds from my account to my bank account that I've linked with them, right? So why would the money that I store on Bitstamp be sent to my bank account if I wouldn't send it there by myself ??!

I would just pay the taxes every year on regular basis. its making anything less complicated.
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May 23, 2018, 08:04:54 AM
 #10

You don't know. But there is a reason why they have such strict KYC (look at the amount of irrelevant questions that they ask as well), and that is for the sole reason of handing that info to the government to better track you, if that is required. They are after all licensed and regulated, and need to comply to governments.

So don't expect them to hold your info private if requested by any government body, including the tax office.

Whether they are reporting automatically, or only by request, we don't know. But it's safe to say that they won't risk their own existence to protect your information, as long as a request is made by the government.

 
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May 30, 2018, 08:15:26 PM
 #11

I mean, by using Bitstamp and egtting verified there, you are handing over a bunch of really sensitive and personal information. Both inside and outside of the verification requirements set by the EU regulators. If they have rising suspicions about your account, then they will report you.

Are they actively reporting you to the EU tax offices? I'd say probably, but we're unsure of that.

Overall, I'd say that consider whatever action you do or information you provide to Bitstamp or any other regulated exchange transparent to the regulators or the government. No way will they withhold information from the government for you due to privacy concerns, if the government demands for it.

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June 12, 2018, 08:23:24 PM
 #12

Does anyone know if they report to the IRS?  Such as if they send 1099 etc and if so, is it accurate?  heard coinbase send 1099 but lot of americans complained the 1099s showed the amount in transactions and its like they are counting it as profit.
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June 13, 2018, 01:37:09 PM
Last edit: May 20, 2019, 01:45:35 PM by Lucius
 #13

Question is only if they do it automatic, and I think this is not the case because at this time as it would be too complicated. Imagine only 28 EU states and their tax offices, if Bitstamp send all of them users data it would be too much work for them, and also there is a question of protecting such data when they leave exchange. Probably they report any suspicious account, especially if there is any doubt about terrorism.

Since people withdraw fiat to their bank account from Bistamp it is under the authority of bank to report to tax office, or in some cases tax office has a complete insight in bank accounts of clients. In this case there is no reason to Bitstamp report anything.

If you read their Terms Of Use this is what they say :

Quote
Disclosures to legal authorities and authorized financial institutions

We may share your Personal Data with law enforcement, data protection authorities, government officials, and other authorities when:

    Required by law;
    Compelled by subpoena, court order, or other legal procedure;
    We believe that disclosure is necessary to prevent damage or financial loss;
    Disclosure is necessary to report suspected illegal activity; or
    Disclosure is necessary to investigate violations of our Terms of Use or Privacy Policy.

We may also share information concerning US citizens who are Bitstamp customers with other financial institutions, as authorized under Section 314(b) of the US Patriot Act, and with tax authorities, including the US Internal Revenue Service, pursuant to the Foreign Account Tax Compliance Act ("FATCA"), to the extent that this statute may be determined to apply to.
 

https://www.bitstamp.net/terms-of-use/ltd

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June 17, 2018, 11:53:07 AM
 #14

Are they submitted to CRS / AEOI or do they exchange information with tax authorities within countries of the EU in any other form? Doesn anyone know?

Tax in the EU is handled by the member states, and it would be a nightmare fir Bitstamp to report to 28 tax authorities.

However what they will do is report large movements of money to the state they are located in, to comply with moneylaundering rules.

 
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