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(Kitco News) - Regulators appear to be making up for lost time on the crypto front, as Thursday brought news that the Internal Revenue Service has set its sights on the cryptocurrency prime dealer SFOX Inc., seeking customer records to ensure that users are paying their taxes.
Based on court filings in New York and Los Angeles, the agency has asked federal judges for clearance to serve summonses to SFOX and M.Y. Safra Bank, the banking partner of SFOX, which offered customers cash deposit accounts backed by the Federal Deposit Insurance Corporation.
The main focus of the investigation is on customers who conducted more than $20,000 worth of cryptocurrency transactions over the course of one year, from 2016 to 2021. According to the rules laid out by the IRS, users can buy digital assets with U.S....
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...