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Cryptocurrency Exchange to Give Customer Data to Government

Cryptocurrency Exchange to Give Customer Data to Government

Tax Evasion: Bitfinex Cryptocurrency Exchange Set to Give Out Customer Data to Government


In a notice sent out to its clients, Bitfinex has made it clear that clients must compulsorily send in their tax information so that it will, in turn, give it to the British Virgin Island authorities who will share the same data with relevant tax authorities or governments of its users’ country of residence.

“Under the laws of the British Virgin Islands (which are applicable to entities organized in the British Virgin Islands, including us), we are required to report certain account information to the [British Virgin Island] government,” the notice read, adding “The government of the [British Virgin Island] may then exchange that information with the tax authorities of the customer’s country of residence.”

The notice further states that in addition to complying with the British Virgin Islands, the move is also consistent with the U.S Foreign Account Tax Compliance Act (FATCA) and the Organization for Economic Co-operation and Development Common Reporting Standard (CRS). As such, all clients, whether individual or corporate bodies, must fill in and submit the FATCA and CRS forms by May 24, 2018.

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