IRS Backs Down From Bitcoin Customer Probe a Bit

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The Internal Revenue Service is significantly scaling back an investigation into customers who bought and sold bitcoins on the popular digital currency exchange Coinbase.

Instead of asking Coinbase for a long list of details about its customers who bought or sold bitcoin between 2013 and 2015, the IRS told a federal court it is now seeking information only for those accounts that engaged in transactions worth $20,000 or more.

Bitcoin now accounts for up to a quarter of all online gambling transactions at many Web betting firms, especially those in high risk jurisdictions.

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