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   1351

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.

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   1077

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.