Coinbase reports details of 13,000 customers to IRS on court order

Manoj B Rawal Independent Analyst

Coinbase, one of the leading cryptocurrency exchanges operating in the U.S., notified 13,000 of its customers on Friday that it will be providing their details to the U.S. Internal Revenue Services (IRS) department as per the court ruling.

IRS had issued summons to Coinbase in December 2016 demanding that Coinbase produce a wide range of records relating to approximately 500,000 Coinbase customers, to which the exchange challenged in the court and now is calling it a partial victory for not required to share information of so many of its customers.

"After a long process, the court issued an order that represents a partial, but still significant, victory for Coinbase and its customers: the order requires Coinbase to produce only certain limited categories of information from the accounts of approximately 13,000 customers," Coinbase wrote on its website.

Coinbase will now have to provide with details of all these 13,000 customers, such as taxpayer ID, name, birth date, address, and historical transaction records from 2013-2015 to the IRS within 21 days.

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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