Share this article
Coinbase Reportedly Warns Some UK Users It's Handing Their Details to the Taxman
U.K. users of the exchange who have received £5,000 or more in the past tax year will have their information passed to the tax authority.
By Paddy Baker
Updated May 9, 2023, 3:12 a.m. Published Oct 2, 2020, 2:15 p.m.
Coinbase has told some of its users it is passing their details onto the U.K. tax authority, HMRC.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- As first reported by Decrypt, the popular crypto exchange emailed some users saying that as part of a deal with HMRC, it must provide records on customers who had received more than £5,000 ($6,500) during the 2019-2020 tax year.
- The email appears to have been only sent to users the exchange believed crossed that threshold; it encourages them to reach out to their accountants or tax advisers.
- The notice comes over a year after HMRC first requested crypto exchanges send over information on U.K. residents who had moved money on their platforms.
- Per the email, Coinbase said HMRC had originally requested records on its customers between 2017 and 2019, but a compromise limited the data to customers using digital assets to receive greater amounts.
- In the U.K., cryptocurrencies count as an investment asset and are subject to capital gains tax, which for high-income earners can come to approximately 20% on gains.
See also: UK Government Moving to Restrict Cryptocurrency Promotions
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Strategy's increased dollar buffer covers more than 2 years of dividend obligations
The company expanded its USD buffer runway beyond 2027, supporting dividends and reduces refinancing risk ahead of the next bitcoin halving.
What to know:
- Strategy boosted its reserve to $2.2 billion, providing more than two and a half years of runway to pay dividends and navigate a potential bitcoin winter if prices follow the four year cycle.
- The enlarged cash position also gives the company the option of covering the September 2027 $1 billion convertible note put if needed, while leaving additional dividend headroom.
Top Stories
