• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Coinbase servers down
Nexo Logo

IRS Grills Coinbase Bitcoin Exchange to Unearth User Records

Martin Young by Martin Young
5 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

One of the world’s largest crypto exchanges, Coinbase, has been struggling to meet the demand of the flurry of activity on its servers as Bitcoin breaks more price barriers. In the last 24 hours, the daddy of all coins broke $11,000 and transactions were at their highest levels. Exchanges have been struggling to keep up and Coinbase went offline with a blue error screen for thousands of crypto traders wanting to get in or out of the action.

If that wasn’t bad enough the exchange faced a new challenge from the US government this week as a district judge ordered them to hand over thousands of user records to the Internal Revenue Service (IRS). Being one of the largest exchanges Coinbase has seen billions of dollars through its systems and the US government is not happy about it.

This week’s court order requires Coinbase to divulge details on all customers who made a transaction worth $20,000 or more between 2013 and 2015. The exchange has estimated that this request would total 8.9 million transactions between 14,355 different account holders, according to the court order.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Information requested includes names, birth dates, addresses, tax IDs, transaction logs, and account invoices of the Coinbase users. This is less information than was demanded by the IRS in a November 2016 summons that sought details on every single transaction on the exchange for the period. Coinbase argued that this was an invasion of its customer’s privacy and ignored the original request before the IRS filed a petition to enforce the summons in March 2017.

The IRS has noticed that the number of tax returns claiming gains from virtual currency did not line up with the emerging popularity of cryptocurrencies as an investment vehicle. The court documents noted that “only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year suggests that many Coinbase users may not be reporting their bitcoin gains,”

Crypto aficionados and traders will not be happy with this outcome, especially if they are American. Several exchanges such as Bitfinex already limit or prohibit US citizens from opening accounts for fear of government intervention. It seems that those living in the “land of the free” are some of the most financially enslaved people in the world.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.
Tags: bitcoin exchangecoinbaseirsNewstax
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Bitcoin Tumbles As Fed Opts For Restrictive Rates

Bitcoin Tumbles As Fed Opts For Restrictive Rates

19 hours ago
Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

22 hours ago
Bitcoin

Why Bitcoin Is Cheap At $23,000, Says Fidelity Expert

22 hours ago
Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

23 hours ago
Ether options surpass Bitcoin options

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

2 days ago
bitcoin

Bitcoin May Hit $10K As Price Slides Pre-FOMC Meeting

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

World’s First Auto-Rebasing Layer 1 Blockchain Is Set for 2023 Release

August 19, 2022

StarBlock Token (STB) Is Now Available for Trading on LBank Exchange

August 19, 2022

LBank Exchange Will List BTCMININGNFT (BMN) on August 19, 2022

August 19, 2022

Investors’ Attention Turn from Sushi (SUSHI) and Holo (HOT) To Favorite Degrain (DGRN)

August 19, 2022

Smart and Social Web3 Platform Blockify Raises $2.2M

August 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.