Bloomberg Tax
April 1, 2021, 10:24 PMUpdated: April 2, 2021, 4:22 AM

Crypto Exchange May Be Served IRS Summons for User Records (1)

Aysha Bagchi
Aysha Bagchi

Cryptocurrency asset exchange Poloniex may be served with an IRS summons for records connected to an unnamed set of its users, a federal court ruled.

The U.S. District Court for the District of Massachusetts in a Thursday order granted a government petition for leave to serve a John Doe summons on Circle Internet Financial Inc., a payments technology company, as well as entities affiliated with it, which include Poloniex LLC. The records sought to pertain account holders with at least $20,000-worth of transactions in cryptocurrency in a single year between 2016 and 2020.

The records ...