What is the hole and true story about people flee from Coinbase?

[sonato]

I read small pieces here and there that Coinbase is going to report their customers to the tax offices around the globe, starting the 31 of January 2021 .

So far so good, but I don't know why people leave coinbase for this reason and what the entire story is, someone able to explain that to me?

 

[Martin Everson]

I don't use coinbase but I imagine people would be worried because they have not reported their crypto holdings, capital gains or trading profits etc to their taxman.

I only know about about Coinbase reporting US and UK accounts as below. Do you have a link to the piece you read?

https://www.coindesk.com/coinbase-uk-users-taxman-report

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[burden]

But you don't have to provide any KYC to use them as a crypto gateway or hold your cryptos so I wonder what and how they are going to report you?

 

[carz]

burden said:
But you don't have to provide any KYC to use them as a crypto gateway or hold your cryptos so I wonder what and how they are going to report you?
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If you use a credit/debit card they will get details from there. You can actually download all the info coinbase has about you and check.