IRS Will Have Access to Information About Circle’s Crypto Traders
The Internal Revenue Service was granted authorization for seeking the information about U.S. citizens on Circle. They are interested in the 2016-2020 period to discover tax cheaters. About $20,000 worth of crypto assets was traded on Circle during this time.
The IRS believes there were many users who avoided paying taxes for their operations with crypto assets. They don’t put the blame on Circle for this; the court order only states that they need to collaborate with the IRS to reveal the tax violation.
Circle has existed since 2013. They started from a Bitcoin wallet and developed a payment system Circle Pay. In 2018, they launched a USD Coin that starts winning the stablecoin space from Tether.