The Internal Revenue Service (IRS) is seeking customer records from crypto firm Circle to check U.S. residents are meeting their tax obligations.
According to a Thursday statement from the Department of Justice, the tax watchdog plans to serve a John Doe summons to circle and its affiliates. The statement explicitly named Poloniex, which Circle acquired in 2018 and spun out the following year.
Per the statement, the IRS is “seeking information about U.S. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020. The IRS is seeking the records of Americans who engaged in business with or through Circle, a digital currency exchanger headquartered in Boston.”
