The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years 2016 to 2020 as well as other documents relating to their crypto transactions.
IRS Got Court Approval to Summon Data on Crypto Users From Circle and Poloniex
The U.S. Department of Justice (DOJ) announced Thursday that a federal court has authorized the IRS “to serve a John Doe summons” on “Circle Internet Financial Inc., or its predecessors, subsidiaries, divisions, and affiliates, including Poloniex.” The notice reads:
The IRS is seeking the records of Americans who engaged in business with or through Circle, a digital currency exchanger headquartered in Boston.
Poloniex is named in the order since Circle bought the crypto exchange platform in 2018 but spun out the following year into a new company, Polo Digital