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Bitcoin Daily: Binance Tells US Users To Take Out All Funds; OKEx To Reportedly Restart Withdrawals; S Korea Seeks To Postpone Crypto Tax Law; Coinbase To Only Provide IRS Form 1099-MISC

Binance has purportedly started notifying U.S. users by email that they have 14 days to shutter their accounts and take out all their money or have their accounts locked, Decrypt reported. The email reportedly told users that the firm found that they were aiming to access the platform while having identified themselves as U.S. persons. “Please note that as per our terms of use, we are unable to service US persons,” the company reportedly said in the email, as per the outlet.

In other news, BTC futures trading platform OKEx indicated that it would provide users who faced difficulty due to the suspension with a combination of renumeration and rewards, Coindesk reported. An OKEx representative told Coindesk that the digital currency withdrawal service will start again prior to the Nov. 27 Hong Kong Standard Time date as noted in the past. CryptoQuant CEO Ki Young Ju said on social media that the resumption of the withdrawal service could lead to pricing volatility, and CryptoQuant data indicates that OKEx has been experimenting with opening its withdraw infrastructure again.

On another note, the national assembly of South Korea is advocating for the debut of certain taxation for crypto assets to be postponed, Coindesk reported. The potential amendment to bring in the tax plan is intended to take effect in October of next year, but the legislative body is aiming to have the taxation timeframe begin in the first month of 2022.

And Coinbase will not be providing a Form 1099-K for trades on the Coinbase exchange as of the 2020 tax year, according to a post from the company. The company said that Coindesk will only provide the IRS Form 1099-MISC for eligible, Coinbase Prime and Coinbase Pro clients for the 2020 tax season. “Non-US customers will not receive any forms from Coinbase and must utilize their transaction history to fulfill their local tax obligation,” according to the exchange.

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