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Saturday
Dec022017

Bitcoin exchange Coinbase ordered to hand over 1% of customer data to IRS

A federal court has ordered Coinbase, which operates the largest U.S. exchange for buying and selling Bitcoins, to hand over information to IRS on more than 14,000 customers suspected of evading taxes. 

The ruling by U.S. Magistrate Judge Jacqueline Scott Corley, calls for Coinbase to provide the tax agency with the name, birth date, address and taxpayer identification number of customers who had the Bitcoin equivalent of $20,000 or more in their accounts in any one year between 2013 and 2015.  

According to Coinbase, the order will only affect its highest transacting clients, roughly 1 percent of its total customer base of roughly 6 million account holder. The IRS originally demanded records of all Coinbase customers.

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