Blockzeit
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
Buy Crypto
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Politics
binance torn paper wo

binance torn paper wo

Binance U.S. Under IRS Investigation And More

Aaron Moses by Aaron Moses
May 20, 2021
in Politics
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

According to an article from Bloomberg, one of the largest cryptocurrency exchanges, Binance, is now under investigation for “suspicous” activity. According to an article from Cointelegraph, the IRS is concerned about illegal activity and money laundering. Changpeng Zhao, the CEO of Binance, isn’t phased though. Zhao has concluded that Binance has not engaged in criminal activity and appears to not be concerned.

Binance CEO Zhao thinks the news sounds worse than it actually is:

The "news" title is bad. Article itself isn't so bad actually (but who reads). It described how @binance collaborated with law enforcement agencies to fight bad players, but somehow made it look like a bad thing… 🤔 Anyways. Back to work.

— CZ 🔶 Binance (@cz_binance) May 13, 2021

BREAKING: Binance, the world's biggest crypto exchange, is under investigation by the Justice Department and IRS https://t.co/mk0Njo7tUE

— Bloomberg Crypto (@crypto) May 13, 2021

The market didn’t react amused about the news. Bitcoin and Ethereum dropped even further. When the average person who knows nothing about crypto hears news like this, it can detract many who might have been thinking about buying Bitcoin or Ethereum. Who knows what will happen. Maybe these two events won’t have any long-term effect on the market and it will recover strongly. Or the other way. One thing is for certain, that the market is vulnerable now.

And it is not just Binance the IRS is after

They are now going after U.S. Citizens’s crypto who have tax debt. Meaning, the IRS can legally confiscate people’s crypto in order to pay off unpaid tax debt owed by that person. The IRS.gov website says:

“Virtual currency is treated as property and general tax principles applicable to property transactions apply to transactions using virtual currency.”

The IRS is also stepping up it’s search for customer data from cryptocurrency exchanges. According to Cointelegraph.com, U.S. District Court Judge Richard Stearns said:

“There is a reasonable basis for believing that cryptocurrency users may have failed to comply with federal tax laws.”

In the U.S., all citizens have to pay a capital gains tax – which means, all crypto trades are taxable events. The IRS has made clear that crypto is not free from their hands and they intend to ascertain the control of the crypto market like any other market. U.S. citizens can get audited if they fail to pay their crypto taxes on time. Furthermore, a person may face penalties for late payment. Additionally, if someone fails to pay their taxes correctly, they could be charged with perjury. The IRS expects U.S. citizens to pay their taxes whether they have cashed out or not.

Final thoughts

Perhaps the best thing anyone can do is be cautious of their activity and make sure they don’t get in trouble with the IRS. With just simply neglecing to pay taxes on crypto, one can get in a lot of legal and financial trouble. The IRS has set the bar for being the most aggressive tax agency in the world for their investigation into crypto and seeing that everyone pays their taxes.

If you liked this article you might also like: Central Banks want your Crypto

Aaron Moses
Aaron Moses

Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.

Tags: binanceirs
Previous Post

Coins That Don’t Care About Dips

Next Post

What Is Slippage And Why Does It Matter?

Related Posts

Montenegro

Montenegro Central Bank Partners With Ripple To Build Its CBDC

by Rickie Sebastian Sanchez
February 1, 2023
0

Another central bank has chosen Ripple, a crypto payments company for cross-border remittances, to build its own Central Bank Digital...

Saudi Central Bank (Saudi Arabian Monetary Authority)

Saudi Arabia Central Bank Announces Experiment On CBDCs

by Rickie Sebastian Sanchez
January 27, 2023
0

Even though there are no plans to implement central bank digital currencies at this time, the Saudi Arabian Monetary Authority...

HM Treasury

UK Treasury Is Hiring A CBDC Head To Develop The Digital Pound

by Rickie Sebastian Sanchez
January 27, 2023
0

A candidate is being sought by the UK Treasury to direct the Government's strategy for the implementation of a central...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

Start making money with crypto.

Buy Here
No Result
View All Result
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.