RATE Group | How Bitfinex Tax Requirement May Have Contributed to the Bitcoin Correction
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How Bitfinex Tax Requirement May Have Contributed to the Bitcoin Correction

20 May How Bitfinex Tax Requirement May Have Contributed to the Bitcoin Correction

Posted at 18:06h in Bitcoin News by

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Australia bitcoin tax

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On May 17, one of the world’s largest cryptocurrency and bitcoin exchange Bitfinex officially asked its users to submit tax IDs and social security numbers that could be utilized by government agencies in the countries its users are based into tax gains recorded in the cryptocurrency market.

“We request that you complete the appropriate self-certification form and upload it to your Bitfinex account by May 24, 2018, at the latest. If you are a US person or an entity with at least one 25 percent owner who is a US person, please complete the appropriate FATCA form. You are required to provide us with such information,” said Bitfinex.

Targeted Users

Whalepool, a community of day traders focused mainly on bitcoin and other cryptocurrencies on Bitfinex, emphasized that they strongly disavow the decision of Bitfinex and have withdrawn their funds from the exchange.

“Bitfinex is now requiring users to…

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