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Cryptocurrencies

British tax authorities demand customer information from crypto exchanges

Wednesday 7 August 2019 | 10:44 AM CET

The British tax authority, HM Revenue & Customs, has been pressuring cryptocurrency exchanges to reveal customers’ names and transaction histories, in a bid to claim unpaid taxes.

Coinbase, eToro and CEX.IO, some cryptocurrency exchanges doing business in the UK, have received letters requesting lists of customers and transaction data. None of the three exchanges would comment by press time, according to CoinDesk.

HMRC might go back a couple of years, two or three years, on the users and their transactions. “The individuals who went into crypto very early on in 2012-13 will not be affected. The ones who probably made the largest gains won’t be affected, it will be the people who came in around the time crypto peaked”, said one industry insider for CoinDesk.

In response to a Freedom of Information (FOI) Request submitted by CoinDesk, HMRC said it was withholding details about its demands for information since disclosing them could jeopardize the assessment or collection of tax.

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