The U.S. Internal Revenue Service (IRS) has been authorized to issue subpoenas to customers who may not have reported crypto transactions.
As the use of digital assets expands, crypto regulations are tried to be circumvented by malicious people. Countries that are more involved with crypto have started to act for crypto tax evaders. Yesterday, we reported that South Korea has confiscated approximately $184 million worth of crypto assets from people who allegedly owe taxes. A new step came from the USA as a bank specific.
US Internal Revenue Service Requests Transaction Information from My Safra Bank
The US Internal Revenue Service (IRS) has been authorized to send subpoenas to MY Safra Bank to report crypto transactions. Thus, the bank’s partner, a cryptocurrency broker, acquired the right to request data about its customers from SFOX.
As a result of the court ruling confirmed by US District Judge Paul G. Gardephe, the IRS will make a call to MY Safra Bank, which serves cryptocurrency broker SFOX. With the subpoena, it will request information about SFOX customers who may not have reported their crypto transactions on their tax returns.
MY Safra Bank and SFOX themselves are not accused of violating any laws. The John Doe summons is a summons to an unidentified defendant referred to as John Doe. The IRS has previously made such calls to crypto companies such as Kraken, Circle, and Coinbase.
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