Tax authority wants all crypto traders data on exchanges - page 2.

tarable

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Quote from: TanakabZX on November 09, 2020, 03:22:15 AM

What the heck is happening? Canada’s tax authority is reportedly asking a federal court to force cryptocurrency exchange Coinsquare to hand over information and certain documents on all of its users since the beginning of 2013...

News source: https://news.bitcoin.com/canada-tax-authority-coinsquare-crypto-exchange-data-all-users/

This really surprised me because from before I myself had never found anything like this in other countries and even neighboring countries from Canada as well, so if I may know their purpose for asking all those documents for what?

jcarlo

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Quote from: TanakabZX on November 09, 2020, 03:22:15 AM

What the heck is happening? Canada’s tax authority is reportedly asking a federal court to force cryptocurrency exchange Coinsquare to hand over information and certain documents on all of its users since the beginning of 2013...

News source: https://news.bitcoin.com/canada-tax-authority-coinsquare-crypto-exchange-data-all-users/

This could spread to other countries because the government certainly wants to collect taxes from the cryptocurrency market whose transaction value continues to increase. But if this happens, I think our funds should be safe in the exchanger because the exchanger can act like a bank where we store our assets.

Doranile432

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Quote from: TanakabZX on November 09, 2020, 03:22:15 AM

What the heck is happening? Canada’s tax authority is reportedly asking a federal court to force cryptocurrency exchange Coinsquare to hand over information and certain documents on all of its users since the beginning of 2013...

News source: https://news.bitcoin.com/canada-tax-authority-coinsquare-crypto-exchange-data-all-users/

Honestly I've been waiting for the time that DEX exchanges will take the power from centralized exchanges, maybe this is it? If users data are been shared with the government centralized exchanges will lose lots of customers and finally they will have to embrace DEX, I know volume and liquidity is what DEXs don't have but with this it will happen eventually

jessyj48

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Activity: 756

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This is why I fear centralized exchanges, government can easily control such exchanges if they want, till this day I still trade on binance without approving KYC verifications, since I'm not hitting the minimum requirements for KYC yet I will be fine, on data part centralized exchanges can't be trusted

DoubleAweSeven

jr. member

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I think this is just exchanges that is registered on Canada? But I think this is inevitable at some point. What ever their decision, they'll be affected in many ways. If they don't hand the data of the users, they might stop operating, if they hand over the data of the users, they might lose some of their users. Either way, they lose.

btc78

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Eloncoin.org - Mars, here we come!

Quote from: TanakabZX on November 09, 2020, 03:22:15 AM

What the heck is happening? Canada’s tax authority is reportedly asking a federal court to force cryptocurrency exchange Coinsquare to hand over information and certain documents on all of its users since the beginning of 2013...

News source: https://news.bitcoin.com/canada-tax-authority-coinsquare-crypto-exchange-data-all-users/

Is this a Centralized exchange?if does then what can you expect?and besides Government need not to ask for it because they can just dig the info and do what they wanted.

Quote from: ?? on ??

I know that flame.exchange and most DEXs don't require KYC

So you got a chance to promote DEX exchanges lol.

Not only DEX are decentralized there are also some exchange in which not dex but have no KYC requirements.

joseyphil82

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Activity: 742

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Quote from: ?? on ??

Quote from: TanakabZX on November 09, 2020, 03:22:15 AM

What the heck is happening? Canada’s tax authority is reportedly asking a federal court to force cryptocurrency exchange Coinsquare to hand over information and certain documents on all of its users since the beginning of 2013...

News source: https://news.bitcoin.com/canada-tax-authority-coinsquare-crypto-exchange-data-all-users/

This is just fcuk up, seriously

It's not a fuck up, I don't expect centralized exchanges to be that loyal in the first place and I don't believe that users data are safe in the hands of any centralized entity, at least they are fully centralized after all, maybe it's finally the time for DEX to take over? Let's wait and see what will happen from here on

Anonylz

hero member

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No longer news, they can easily get their hands on those data from all the centralize exchanges out there, where they will experience a road block is with dex since no kyc is required to trade, goodluck to them, lol, this is the reason why many crypto users are avoiding all this centralize exchange because of unforeseen situations like this, one way or the other tax authority will find a way to get you, it seem not going to be easy to avoid them.

TanakabZX

member

Activity: 504

Merit: 16

What the heck is happening? Canada’s tax authority is reportedly asking a federal court to force cryptocurrency exchange Coinsquare to hand over information and certain documents on all of its users since the beginning of 2013...

News source: https://news.bitcoin.com/canada-tax-authority-coinsquare-crypto-exchange-data-all-users/

Topic: Tax authority wants all crypto traders data on exchanges - page 2. (Read 337 times)