IRS Removes John Doe Summons on Prime Crypto Dealer SFOX to Find Tax Fraud Clients
The US Tax Service has used the same tactic to obtain information from Circle, Coinbase and Kraken in recent years as analysis reveals that half the taxes on crypto don't pay.
New
The Federal Court for the Central District of California on Monday issued an order allowing the United States Internal Revenue Service (IRS) to serve a John Doe subpoena on SFOX, a Los Angeles-based cryptocurrency master dealer. The IRS has filed a complaint to receive the order, which orders SFOX to reveal the identities of customers who are U.S. taxpayers and documents relating to their cryptocurrency transactions worth at least $20,000 made between 2016 and 2021.
The IRS sued in the Southern District of New York to also receive a summons from John Doe on SFOX. SFOX's partner bank, M.Y. Safra is headquartered in New York. The bank provides Federal Deposit Insurance Corporation (FDIC) insured accounts to SFOX institutional traders.
Related: Crypto Reseller SFOX Gets Trust Charter Approval From Wyoming Regulators
The IRS has not alleged any wrongdoing on the part of SFOX, according to a Department of Justice announcement, which cited the "inherently pseudo-anonymous aspect" of cryptocurrency transactions as one the reasons for the summons. John Doe
The US Tax Service has used the same tactic to obtain information from Circle, Coinbase and Kraken in recent years as analysis reveals that half the taxes on crypto don't pay.
New
The Federal Court for the Central District of California on Monday issued an order allowing the United States Internal Revenue Service (IRS) to serve a John Doe subpoena on SFOX, a Los Angeles-based cryptocurrency master dealer. The IRS has filed a complaint to receive the order, which orders SFOX to reveal the identities of customers who are U.S. taxpayers and documents relating to their cryptocurrency transactions worth at least $20,000 made between 2016 and 2021.
The IRS sued in the Southern District of New York to also receive a summons from John Doe on SFOX. SFOX's partner bank, M.Y. Safra is headquartered in New York. The bank provides Federal Deposit Insurance Corporation (FDIC) insured accounts to SFOX institutional traders.
Related: Crypto Reseller SFOX Gets Trust Charter Approval From Wyoming Regulators
The IRS has not alleged any wrongdoing on the part of SFOX, according to a Department of Justice announcement, which cited the "inherently pseudo-anonymous aspect" of cryptocurrency transactions as one the reasons for the summons. John Doe
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