Coinbase Advices Its Users To Check With IRS

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Coinbase Advices Its Users To Check With IRS

The digital currency startup Coinbase is planning to share the data of about 13,000 of its clients to the US tax authorities. The firm sent an email to its concerned customers last week highlighting that only specified categories of data would be share with the Internal Revenue Service (IRS). However, the company did not reveal the key details of the information to be shared with the authority within the next 21 days.

The company also encouraged its clients to take legal action on the matter. Since 2016, there had been a lengthy legal fight between the authority and Coinbase on the number of the company’s customers.

IRS took the legal action against the firm and in November last year; Coinbase was issued with a court order from the Northern District California to submit information on its 13,000 users that have $20,000 and above trading volumes between 2013 and 2015. Among the users to be investigated is the famous bitcoin advocate and author Andrea Antonopoulos.

At the same time, Coinbase users are increasingly complaining about the multiple errors that they have received in the previous transactions. Recently, the company advised the affected clients to check with their banks but up-to date, they are still waiting on the refunds from their banks and Visa.

Last week, a number of Coinbase users who are yet to be compensated for the purchases they allegedly never made, took to the Reddit to air their grievances. Some clients were charged over 50 times more for the value of the purposeful purchase they made.

People have raised concerns over the rise of mishaps in the firm. According to the market analysts, the most worrying concern is who is responsible for or what is the precise cause of the massive blunders that are frequently being experienced by the clients at Coinbase. For instance, one customer who was refunded for the erroneous purchase made on February was again mistakenly overcharged on February 14 and has not yet been refunded for the second misfortune.

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