If you happen to be one of the 14,000 Coinbase users who’ve received over $20,000 through its accounts, the Internal Revenue Service (IRS) will soon have access to those identifying records.
After more than a year, when the case was initially filed, which attempted to prevent the IRS from gaining access to the transaction records of Coinbase users, a California federal court has ordered that the digital currency exchange turn over the accounts of some of its users.
As CCN has extensively reported on, the IRS maintained the ongoing battle with Coinbase in a bid to force it to hand over customer financial records to the tax-collecting agency. Back in 2016, it was reported that the exchange was being targeted by the IRS, with a federal judge approving a summons requiring Coinbase to disclose transaction records of bitcoiners between January 1, 2013 and December 31, 2015.
Initially, the IRS requested the records of virtually all U.S. customers between those time frames, which Coinbase estimates includes over 500,000 customers.