Cryptocurrency exchange Coinbase is reportedly sharing users' data with the UK's tax authority HMRC, Decrypt has learned, citing email from the exchange.
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Coinbase has already notified some users that as part of a cooperation with HMRC, it is obliged to provide records on customers who had received over £5,000 ($6,464) for the 2019-2020 tax year. This includes both purchases or receipts of crypto.
"We would encourage you to consult with your tax or legal advisor with any questions you may have regarding tax matters and your Coinbase account activity," the letter says.
In the meantime the exchange announced it had added support for instant withdrawals in 40 countries including the US, UK, and more across Europe.
Customers from these countries can withdraw funds with a linked Visa debit card. In the US, customers will be able to also withdraw funds with their Mastercard, Coinbase said.
However, the exchange charges a 1.5% fee (minimum $0.55) for US customers and UK and EU customers for a fee of up to 2%.
iHodl earlier reported that Coinbase offered an exit package to employees disagree with the company's mission. According to an e-mail sent by the company's CEO Brian Armstrong to his employees, the exchange is offering an exit package to employees who no longer want to work for the company after it stated its apolitical mission.
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