Coinbase has added new tax features for its customers. The new features are aimed at simplifying the often complex process of paying tax and come with a reminder that gains made from digital currencies are taxable in the US. Under IRS guidance virtual currencies are treated as property, meaning that investors must pay taxes adjusted to the fair market value of the asset at the time of each transaction. It’s a process that Coinbase has tried to make easier in the past, providing a complete report of all transactions from which investors can work out their profit and loss. Continue reading Coinbase Introduces New Tax Calculator
Major cryptocurrency exchange Coinbase is making significant strides in its European expansion. San Francisco-based Coinbase has now received an e-money license by the Financial Conduct Authority (FCA), the UK’s financial regulator, enabling the cryptocurrency exchange to provide payment- and electronic money services as cash alternatives to customers in the United Kingdom and 23 countries within the European Union. Continue reading Coinbase Granted UK E-Money License
The Coinbase wallet and exchange service has fixed a bug in the payment gateway system which caused users to lose their funds from Bitcoin transactions via the platform. The issue emerged two weeks after the cryptocurrency exchange announced the launch of Segregated Witness (SegWit) support for its transactions. Continue reading Coinbase Wallet Fixes SegWit Implementation Bug
Yesterday, on March 6, the global cryptocurrency market moved closer to the $500 billion mark, as it peaked at $475 billion. Today, the market dropped by nearly $30 billion in value, as major cryptocurrencies recorded losses. On March 5, the price of Ripple gained momentum due to unverified rumors which claimed Coinbase, the world’s largest cryptocurrency brokerage and wallet platform, will integrate Ripple this week. The price of the cryptocurrency could fall by large margins. Over the past 24 hours, almost immediately after Coinbase released an official announcement that clarified the company’s plans to not add any new asset on the Coinbase trading platform or GDAX in the short-term, the price of Ripple fell by more than 11 percent. The official statement of Coinbase read, “our January 4th, 2018 statement continues to stand: we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
US cryptocurrency exchange and wallet provider Coinbase faces a fresh lawsuit, filed March 2, alleging it “kept” funds that its users sent via email, but which recipients never claimed. A class action document filed at the United States District Court for the Northern District of California by Restis Law Firm on behalf of two Coinbase users seeks reimbursement of the funds, including those sent involving now-expired email addresses. The lawsuit implicates not just the two plaintiffs, two US citizens residing separately in Michigan and California, but anyone potentially affected by the alleged practice of not returning unclaimed emailed coins. “[…U]ntil 2017, most people never heard of a ‘bitcoin’ or cryptocurrency, so most of these emails were disregarded. And most of the Cryptocurrency went unclaimed,” the court document suggests.