The IRS Will Investigate Crypto Users Evading Taxes

The US Internal Revenue Service (IRS) will send out invitations to appear at the department to users who do not report and do not pay tax on crypto transactions, which will be possible after the appropriate permission of the court.

The document has obliged M.Y. Safra Bank of New York to provide information about those users who meet the above criteria.

The institution provides services to the crypto broker and crypto exchange SFOX. The executive order reportedly affects 175,000 customers of the company, which has processed more than $12 billion in transactions since 2015.

The US regulator believes taxpayers do not comply with the requirements of tax laws when it comes to digital assets.