Coinbase hailed as a “partial victory” a court order to hand over transaction details of nearly 15,000 customers in the government.
In a summary of the legal battle that lasted a year with the Internal Revenue Service (IRS), communications officer David Farmer confirmed that only three percent of data requests would be sent to the legislators.
The question focuses on the suspicions of the IRS that Bitcoin holders doing business with Coinbase were not paying the appropriate taxes on profits.
After Coinbase ignored a request for inspection of each transaction a court summons saw months of posture before the IRS position finally became indefensible.
The demand of the tax administration, commentators and now the legal entities confirmed, was too “wide”
“… Although the result of today’s [39] Although not the complete victory we were hoping for, it represents a substantial and unprecedented victory for the industry and the hundreds of thousands of customers who would have been unfairly targeted. “Farmer said, adding that Coinbase” reviewed the order to return all transactions of $ 20,000 or more.
The results provide a brief respite to Coinbase as its infrastructure is once again affected by the volatility of Bitcoin price.
Coinbase performs maintenance to improve performance in case of high traffic given the large volumes we have seen today. We expect that the purchases and sales will be have offline for 1-2 hours. Customers can still access their accounts, deposit and withdraw
– Coinbase (@coinbase) November 30, 2017
While USD rates have fluctuated several thousand dollars over the last 48 hours, the Bourse has seen its servers offline because it has not been able to cope with the demand. Similar events occurred earlier this year as hundreds of thousands of new users opened weekly portfolios.