IRS Launches Crackdown To Ensure Crypto Investors Pay Their Taxes
Crypto exchanges don't report client information to the IRS like discount digital brokerages do, so there's temptation for traders to try and skate by. But if this approach worked in the past, be warned: that could change this year now that the Dems are back in power.
Binance doesn't even allow American customers to trade on its platform (though it has been accused of illegally doing so by turning a blind eye to users trying to skirt this rule), but other investigations and summonses of note go back even further. In 2016, the IRS received approval for a similar summons for Coinbase and obtained information for about 13K customers. The agency sent letters urging many of them to make sure their crypto taxes were paid, as the IRS might soon be taking a hard look.
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