IRS requested information about SFOX and M.Y. Safra Bank for tax collection – Bits Media

Internal Revenue Service (IRS) applied to the courts for permission to obtain data on transactions of clients of the cryptocurrency dealer SFOX and its partner M.Y. Safra Bank.

The IRS intends to identify clients of the cryptocurrency platform SFOX and M.Y. Safra Bank 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 tax authorities to serve subpoenas on users.

“Cryptocurrency transactions have grown significantly in recent years.. Therefore, the IRS is concerned that, that some taxpayers do not properly report these transactions on their tax returns. The IRS plans to inspect the accounts of SFOX and M.Y users. Safra Bank with cryptocurrency transactions worth more than $20 000 for a period of 2016 by 2021 years", – the department reports.

Recall, what in 2019 SFOX entered into a partnership agreement with M.Y Bank. Harvest, thanks to which its clients were able to access bank accounts, insured by the Federal Deposit Insurance Corporation (FDIC).

Previously, the US Internal Revenue Service asked for information about users of the Kraken cryptocurrency exchange, Poloniex и Coinbase, as well as the issuer of the stablecoin USDC Circle.