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Coinbase Shares The Data of 13,000 Users With The IRS

The wallet provider giant Coinbase has informed today that in the next days they will share the transactions logs of 13,000 users to the Internal Revenue Service, the USA National Tax Bureau.
This is the aftermath of a long fight of Coinbase to protect their users data. At first, the IRS demanded Coinbase to hand over the data of 500,000 users to be scrutinized, but after a long court battle (more than one year long), it finally reduced that number to the actual 13,000. The users selected are some of the higher exchangers ( buyers and sellers) on the service. Coinbase emailed and recommended the affected users to seek individual legal help in case that the IRS decides to pursue individual cases against them. The logs contain the said info from the year 2015 to 2017.
This marks a victory for the IRS and will help to obtain more logs from other local based exchanges. It is believed that more than 90% of the users that transact in crypto don’t declare these transactions to evade tax fees. So expect more of these kinds of legal battles later this year.

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