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Coinbase Hands Over Customer Data to UK Tax Authority

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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

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Coinbase is handing over customer data to the British tax authority, Her Majesty’s Revenue & Customs (HMRC). The measure affects customers with a U.K. address who received more than £5,000 ($6,450) worth of cryptocurrency during the 2019/20 tax year.

On Oct. 2, Coinbase sent an email to its U.K. users advising them that it will share their account information with the HMRC. The exchange said the tax agency originally asked for records relating to all UK customers dating back to 2017, but it later worked out a plan that resulted in “a revised notice with reduced scope”.

The revised plan requires the disclosure of user data with a British address who received over $6,450 into their Coinbase account during the 2019/20 tax period, either by way of purchases or deposit of digital assets.

Coinbase says the HMRC request will affect under 3% of its U.K. customers, reports The Block. A spokesperson for the exchange explained:

A spokesperson for the HMRC noted that the authority regularly gathers information from various sources in order to “improve the integrity of the tax system and to identify those that have failed to declare their gains.”

Requests for customer information were also reportedly sent to crypto platforms such as Etoro and Cex.io, says the report.

In New Zealand, the country’s tax agency, the Inland Revenue Department (IRD), is requesting that crypto companies turn over their customers’ personal details, cryptocurrency asset values as well as the type of asset held.

The U.S. Internal Revenue Service ( IRS) has also been sending warning letters to crypto investors seeking clarity about whether they had reported their transactions correctly.

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VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
Mentor Group Gold
And it just keeps getting better Smh..major govts currently looking to scrape up all they can,turning up rocks and searching with a microscopic light etc ...for transactions as low as 5000£...come 2021 a high percentage of EMIs/Exchange would have to comply...

Pixxypay just rolled out 3tier levels of KYC/AML procedures for transactions within the treshold of 15k to 30k per year applicable to listed risk countries...approx 1500$ or equivalent per transaction monthly....
i see regular banking establishments lobbying for more fine tuning of EMIs and Exchanges
cof%¤#
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
Mentor Group Gold
This maybe the push crypto needs to totally disconnect from centralized exchanges, because once crypto becomes government regulated like stock trading, there is little point in owning any of it.
@Martin Everson exactly...govts see the many potentials of crypto, and would stifle it..we might come to see crypto banned in certain countries/carry heavy restrictions towards ownership..the current value of crypto got all eyes lurking.
 

Untangle

New member
@Martin Everson exactly...govts see the many potentials of crypto, and would stifle it..we might come to see crypto banned in certain countries/carry heavy restrictions towards ownership..the current value of crypto got all eyes lurking.
I don't think so, most countries that decided to ban it, reversed the decision when they realised they could tax it. To me crypto is an asset, not really a currency. Like any other asset it can be converted to FIAT. Given the global economical state we are in most countries, tax offices now are really trying to get as much money from their citizens as they can. Nothing new really.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
@Martin Everson exactly...govts see the many potentials of crypto, and would stifle it..we might come to see crypto banned in certain countries/carry heavy restrictions towards ownership..the current value of crypto got all eyes lurking.

Yes I discussed crypto ban and governments fear of cryto here in April 2019. If anyone does not think the major powers are not serious about cracking down on crypto then look at the J5 organization they founded that I have discussed many time on the forum.

Given the global economical state we are in most countries, tax offices now are really trying to get as much money from their citizens as they can. Nothing new really.

Yes governments have run up huge budget deficits then some turn around and say the problem is not government spending but tax collection, tax havens and now possibly crypto conf/(%.

A time will come when they will literally be asking Ledger.com to hand over names of everyone that bought a Ledger device......oh wait didn't Ledger.com get hacked the other day and all customer information was stolen ca#"!

 

Untangle

New member
Yes I discussed crypto ban and governments fear of cryto here in April 2019. If anyone does not think the major powers are not serious about cracking down on crypto then look at the J5 organization they founded that I have discussed many time on the forum.



Yes governments have run up huge budget deficits then some turn around and say the problem is not government spending but tax collection, tax havens and now possibly crypto conf/(%.

A time will come when they will literally be asking Ledger.com to hand over names of everyone that bought a Ledger device......oh wait didn't Ledger.com get hacked the other day and all customer information was stolen ca#"!


That's the reason why I never use my real name whenever possible (unless KYC requires it).
In this instance with ledger.com, they don't have my real name.
Nothing to hide, but sooner or later they all lose your personal details that end up being for sale somewhere.
Even when paying with my visa/Mastercard online I always put the first name only, not the last name. Works 99% of the time. So if my details get lost they don't know my last name.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
The EU are adopting blockchain technology. I had talked for years on here how EU was dependent on US companies VISA and MasterCard ;). Now things are about to change with a real alternative.


P.S EU using DLT is enslavement :confused:
 

Dasboot

Active Member
The digital gulag is being built around us... Norway is really a prototype of sorts, even here its hard to describe how controlled everything is - happy that I got out in time ;-)

This site will experience an exponential growth in people who will need help even with their OWN, already taxed assets...
 

MiddleEuroAsia

opportunist.
Mentor Group Gold
Coinbase is handing over customer data to the British tax authority, Her Majesty’s Revenue & Customs (HMRC). The measure affects customers with a U.K. address who received more than £5,000 ($6,450) worth of cryptocurrency during the 2019/20 tax year.
Use a who-- I mean, an escort for verification purposes.

Problem solved :).
 

MiddleEuroAsia

opportunist.
Mentor Group Gold
lol

I would just move my ass to another country. The world is s big place.
I'm talking about leaks here, that's what I'm concerned about. Having my name everywhere is not something that I'm excited about smi(&%
 

Dasboot

Active Member
I'm half-way planning to transfer a lot of my Bitcoin to ONE very visible wallet on a phone, then file a police report where I was mugged in a dark alleway & lost my phone with X amount of crypto on...

All transactions out of that wallet would then official NOT be my crypto hehe

Would work in some jurisdictions, at least in Norway that should be counted as a deductible loss ;-)
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Would work in some jurisdictions, at least in Norway that should be counted as a deductible loss ;-)

Well Peter Schiff was given some crypto by crypto fans. He then claimed a while back on his podcast he is unable to access the crypto as his credentials to access it no longer work and hence the crypto is lost ns2.
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
Mentor Group Gold
Well Peter Schiff was given some crypto by crypto fans. He then claimed a while back on his podcast he is unable to access the crypto as his credentials to access it no longer work and hence the crypto is lost ns2.
Hahahahah, Peter and his usual antics...always in the mix of things..i wonder what would be his take on the new pfizer vaccinesbor&%#cig-:,
 

JackAlabama

Entrepreneur
I'm half-way planning to transfer a lot of my Bitcoin to ONE very visible wallet on a phone, then file a police report where I was mugged in a dark alleway & lost my phone with X amount of crypto on...

All transactions out of that wallet would then official NOT be my crypto hehe

Would work in some jurisdictions, at least in Norway that should be counted as a deductible loss ;-)
This address is then being watched. So you need the plan to move it to yourself later.
 

Dasboot

Active Member
This address is then being watched. So you need the plan to move it to yourself later.

Of course. Would let it cool down & then it would all go into Monero ;-)

Then through a few steps from there to safeguard it all.

I do NOT plan to take part in the digital gulag anyway, would rather do business in a real, free market - with or without having made a capital gain on what I initially bought.
 

Plavivoz

New member
I'm half-way planning to transfer a lot of my Bitcoin to ONE very visible wallet on a phone, then file a police report where I was mugged in a dark alleway & lost my phone with X amount of crypto on...

All transactions out of that wallet would then official NOT be my crypto hehe

Would work in some jurisdictions, at least in Norway that should be counted as a deductible loss ;-)
A really bad idea.
Robbery is one of the crimes where police from where you are from really starts acting.
Your story does not make completely sense and you are fucked. It is a crime to invent crimes and report them.
You can loose the crypto in easier ways without faking this type of crime.
 
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