The U.S. Internal Revenue Service (IRS) has applied to the courts for permission to obtain data on transactions of clients of the cryptocurrency dealer SFOX and its partner MY Safra Bank.
The IRS intends to identify clients of the SFOX cryptocurrency platform and MY Safra Bank in order to identify facts of violation of tax laws. To this end, the IRS has asked federal judges in New York and Los Angeles to allow the tax authorities to serve subpoenas on users.
“Cryptocurrency transactions have grown significantly in recent years. Therefore, the IRS is concerned that some taxpayers do not properly report these transactions on their tax returns. The IRS plans to inspect SFOX and MY Safra Bank user accounts with more than $20,000 in cryptocurrency transactions between 2016 and 2021,” the agency said.
Recall that in 2019, SFOX entered into a partnership agreement with MY Safra Bank, thanks to which its customers were able to access bank accounts insured by the Federal Deposit Insurance Corporation (FDIC).
Earlier, the US Internal Revenue Service asked for information about users of the Kraken, Poloniex and Coinbase cryptocurrency exchanges, as well as the issuer of the stablecoin USDC Circle.
Source: Bits
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