John Doe Summons

The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers and documents relating to their cryptocurrency transactions equivalent to at least $20,000 carried out between 2016 and 2021.  The IRS filed suit in the Southern District of New York to receive a John Doe summons on SFOX as well. SFOX’s partner bank, M.Y. Safra, is headquartered in New York. The bank provides Federal Deposit Insurance Corporation (FDIC) insured accounts for SFOX institutional traders. Related: Crypto dealer SFOX gets trust charter a...