This hasn't been the best week for WikiLeaks, to put it mildly. Coinbase has shut off the WikiLeaks Shop's account for allegedly violating the cryptocurrency exchange's terms of service. In other words, the leak site just lost its existing means of converting payments like bitcoin into conventional money. While Coinbase didn't give a specific reason (it declines to comment on specific accounts), it pointed to its legal requirement to honor "regulatory compliance mechanisms" under the US' Financial Crimes Enforcement Network.
This doesn't prevent WikiLeaks from accepting cryptocurrency, but it will have to scramble to find an alternative if it wants to continue taking digital money from customers buying shirts and coffee cups. Unsurprisingly, the organization is less than thrilled -- it's calling for a "global blockade" of Coinbase, claiming that the exchange is reacting to a "concealed influence."
Source: https://www.engadget.com/2018/04/21/wikileaks-loses-coinbase-account/
(Score: 3, Interesting) by legont on Tuesday April 24 2018, @03:05AM
It is way worse, actually. Every time you "push Bitcoins all over" you have to record each transaction and report it to IRS in dollar amount and pay capital gain taxes if any. No, you can't submit a summary similar to 1099. You have to submit each and every transaction period.
Messing with IRS? Good luck with that.
"Wealth is the relentless enemy of understanding" - John Kenneth Galbraith.