Peter Brandt, a Veteran trader, who was famed to predict the Bitcoin [BTC] price to reach $67,193, filed an official complaint against Coinbase. The complaint against the prominent exchange is over an alleged non-compliance with the United State Internal Revenue Service, reported Today Gazette.
Brandt claimed that Coinbase failed to comply with IRS Notice 2014-21, which states that existing general tax principles apply to transactions using virtual currency. Brandt added that the exchange has been complicit in its failure to provide 1099s to US customers, reported the publication.
Brandt tweeted about this, urging the fellow crypto users to file their complaints before IRS:
“Today I filed a formal complaint with the U.S. Internal Revenue Service against #Coinbase for its failure to properly comply with IRS Notice 2014-21. Coinbase has been complicit in its failure to provide 1099s to U.S. customers. You too?”
The IRS had issued Notice 2014-21 when Bitcoin [BTC] started gaining prominence and Brandt accused the exchange of rubbing crypto lovers. He said that the exchange is selling the largest cryptocurrency, Bitcoin [BTC], for a certain price while buying BTC from other exchanges for a lesser price. Brandt said:
“Here is how @Coinbase (also referred to as @conbase) can rob you. They sell you BTC for one price, buy it from another exchange for $1,000 less and then transfer that BTC into your wallet, thus making $1,000”.
Brandt faced a lot of flak for his allegations from prominent figures in the crypto space, like Ari Paul. Paul asked Brandt to buy the cryptocurrency from the exchange he thinks sells for a cheaper price.
“Why don’t you just buy the BTC from the exchange with the cheapest price? Do you consider all intermediaries that buy wholesale and sell retail to be robbers? Wouldn’t that apply to every retail store?”
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