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IRS Wins Order for SFOX Customer Data in Crypto Tax Push

  • M.Y. Safra must produce data on those who may have dodged IRS
  • US seeking to crack down on crypto holders who don’t pay taxes
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M.Y. Safra Bank must produce information to the US Internal Revenue Service about customers who may have failed to pay taxes on cryptocurrency transactions through prime dealer SFOX Inc., a US judge ruled Thursday.

The IRS requested the information to determine if taxpayers are reporting crypto profits and losses on their tax returns, according to a statement from Damian Williams, the US attorney for the Southern District of New York.