RATE Group | Cryptocurrency exchanges pushed by British taxman to aid in tax evasion crackdown
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Cryptocurrency exchanges pushed by British taxman to aid in tax evasion crackdown

06 Aug Cryptocurrency exchanges pushed by British taxman to aid in tax evasion crackdown

Posted at 19:36h in Cryptocurrency News by

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  • Coinbase, eToro, and CEX.IO asked to provide customer lists and transaction data.
  • Transaction data from exchanges could result in potential tax charges.

The tax authority in Britain, HM Revenue & Customs (HMRC) is reportedly putting pressure on cryptocurrency exchanges to reveal the names and transaction records of their customers. The move has been launched to crack down on tax evasion within the industry.

Sources familiar with the matter said that letters have been sent to the exchange companies. Some of the details sort after includes customer lists and their transaction data. At the moment three crypto exchanges have received the letter including Coinbase, eToro, and CEX.IO.

“HMRC is looking to work with exchanges when it comes to finding information on people who have been buying and selling crypto. I think they will only go back a couple of years, two or three years” one of the sources shared with CoinDesk.

According to the source, it will not…

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