Gus – Cryptocurrency Expert
The Internal Revenue Service (IRS) was given permission by the US District Judge to serve a John Doe summons on the M.Y. Safra Bank, according to one of the most recent news releases from the US Department of Justice.
The ruling instructs the bank to provide information about the taxpayers in order to investigate potential cryptocurrency tax evasion. The IRS summons particularly requests information on SFOX customers who used banking services that M.Y. Safra Bank offered to SFOX customers conducting cryptocurrency transactions.
The IRS said in the summons that it had discovered significant tax compliance issues with transactions involving bitcoins.
The US Attorney, Damian Williams, said that “Tax liabilities resulting from bitcoin transactions are not excluded and must be accurately reported by taxpayers on their returns. The government is dedicated to identifying taxpayers who have misrepresented their tax responsibilities by failing to declare cryptocurrency transactions using all of the resources at its disposal, including John Doe summonses.”
A deputy assistant attorney general named David A. Hubbert added that taxpayers engaging with cryptocurrencies should be aware that profits and income from such transactions are subject to taxation.
M.Y. Safra is required under the John Doe summons to disclose the records that the IRS need in order to find U.S. taxpayers who were SFOX clients. Additionally, it will assist the IRS in locating taxpayers who might not have accurately recorded their cryptocurrency transactions on tax returns. Additionally, on August 15, the IRS was permitted to serve SFOX directly with a John Doe summons by the U.S. District Court for the Central District of California.
As time goes on, more countries will be trying to implement regulations on cryptocurrencies. In these times, we need trusted regulated cryptobrokers, one of which is – BC Bitcoin. Here you can buy Bitcoins safely or any other cryptocurrency. Great cryptocurrency exchange platform, that offers 180+ cheap cryptocurrency.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards