Coinbase has to provide user’s ID information to IRS

A California federal court has ordered Coinbase to provide identifying records for users who have any operations with more than $20,000 through their accounts
30 November 2017   533

Nearly one year ago, the IRS initiated proceedings to obtain copies of essentially all Coinbase U.S. customers’ records for the three-year period 2013–2015.

On Wednesday, a federal judge in San Francisco ordered that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015.

Coinbase is ordered to produce the following documents for accounts with at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013 to 2015 period:

  • the taxpayer ID number
  • name
  • birth date
  • address
  • records of account activity including transaction logs or other records identifying the date, amount, and type of transaction (purchase/sale/exchange), the post transaction balance, and the names of counterparties to the transaction
  • all periodic statements of account or invoices (or the equivalent)

However, Coinbase assumes that it won a partial victory in court. Company believes that it reached 2 important victories.

First, the government initially sought private financial records of approximately 500,000 account holders, but in response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers. Second, the quantity of customers data has been significantly reduced as the Court acknowledged the privacy rights at stake in this matter.

Poland’s Central Bank Sponsored Anti-Crypto Campaign

The Central Bank of Poland has admitted to sponsoring a smear campaign against cryptocurrencies on social networks
21 February 2018   38

According to a Polish news portal, the anti-crypto campaign was orchestrated by Youtube blogger from Poland, Gamellon. For this campaign, the Central Bank of Poland had spent 91,000 Zloty (about $27,000).

At the time of writing this article, this video has over 500,000 views and has not been marked as a paid promotion.

Gamellon used the hashtag #uważajnakryptowaluty, which stands for a website set up by the Polish government to warn users about cryptocurrencies. According to this site, there are several reasons on why users should be wary of cryptocurrencies.

Another blogger Planeta Faktów published a sponsored video on their channel titled ’10 Differences between money and cryptocurrency that you need to know’. It also has the same hashtag, #uważajnakryptowaluty. But unlike Gamellon ’s video, this one has an ‘Includes Paid Promotion’ tag at the start of the video.

There is no law against cryptocurrencies in Poland. But it is illegal to create sponsored content without explicitly mentioning it.