Bits of Gold Crypto Exchange Enters an Agreement to Share Client Info with Israe

[Goodcat49]

A giant Israeli cryptocurrency exchange known as Bits of Gold has agreed to share all customers' transaction particulars with the tax authority of the country.

Following the terms of the agreement, Bits of Gold will give full information of the customers that have transacted over $50,000 for over last year to the Israel Tax Authority, according to the local publication, Calcalist.

Bankruptcy Among Banks
Although the country's law commands that financial brokerages are obligated to give information of bulk and suspicious transactions directly to Israel Money Laundering and Terror Financing Prohibition Authority (IMPA), they aren't inevitably obliged to act the same with the country's tax authority on account of privacy concerns.

Previously, an Israel major court repudiated a request from the tax authority to take a client list from a bank that is bankrupt since the particulars are properly protected under privacy laws.

It is prudent that this agreement has known how Bits of Gold agreed to provide client information to the tax authority and the latter seeks data to carry out a thorough tax evasion and money laundering check.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/bits-of-gold-to-share-client-info-with-israel-tax-authority/