IRS Using Bitcoin Tracking Software Since 2015

Written by:
Guest
Published on:
Aug/23/2017

If you thinking using Bitcoin to conduct online gambling transactions will hide winnings from the Internal Revenue Service, you might want to think again.

Documents obtained by Washington publication The Daily Beast show that the tax agency has been using the startup Chainalysis Bitcoin tracking software since 2015.

The IRS states in the documentation that it's using the software to "trace the movement of money through the Bitcoin economy," going on to explain:

"This is necessary to identify and obtain evidence on individuals using bitcoin to either launder money or conceal income as part of tax fraud or other Federal crimes."

As previously reported by CoinDesk, the IRS wants to obtain several years' worth of data on customers of Coinbase.

Bitcoin now accounts for up to 40 percent of all transactions at some online gambling establishments, most notably those in so-called “restrictive” jurisdictions.

- Aaron Goldstein, Gambling911.com

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