Crypto trading platform Bitfinex recently sent an alert to certain users of their platform. The alert said that they are required to disclose their tax information, which the exchange may share with the government, according to a statement from the exchange posted on Twitter May 17th.
Bitfinex, which is registered in the British Virgin Islands, noted that under the law, they are actually obliged to report specific information to the government. According to the alert, Bitfinex may exchange the information with tax authorities in accord with the US Foreign Account Tax Compliance Act (FATCA) and the Organization for Economic Co-operation and Development Common Reporting Standard (CRS).
The deadline to submit information is set for May 24th. The notice says that customers must complete self-identification forms depending on whether they’re individuals or entities, and whether they’re residents or citizens of the US:
“If you are a US person (i.e. a US resident, a US citizen, or an entity organized in the United States), or an entity with at least one 25%+ owner who is a US person, please complete the appropriate FATCA form. Otherwise, complete the appropriate CRS form.”
“We have not sent this message to all users. We have deliberately targeted users that we believe have an obligation to self-disclose. If a user has _not_ received a message from us, she need _not_ self-certify anything to us at this time.”
At a market capitalization of $686 Million, Bitfinex is one of the largest exchanges globally, trading in 77 different digital assets.