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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

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.