Coinmetro Responds To Rumors Of Tax Evasion, To Shut Down Worry Claims

Coinmetro responds to rumors of tax evasion in hopes that it will shut down worry claims, as stated by a recent statement issued by the company.

Coinmetro’s name was in the news recently when suspicions of tax fraud surfaced, allegedly from the Estonian Tax and Customs Board.

The company has now reacted, dismissing the allegations. According to an exchange source, Coinmetro has been in discussions with the ETCB for months, and there is no active investigation of tax evasion.

Coinmetro Breaks Silence

Coinmetro responds to rumors of tax evasion via a statement that read:

“An article appearing in Eesti Ekspress this week included a number of careless and unfounded statements that are entirely and objectively untrue. One, there is no investigation open or pending regarding tax fraud, nor has any decision been reached about whether any tax is due. Coinmetro has been in proactive dialogue with the ETCB for a number of months, seeking to outline a fit and proper model for the taxation of a relatively new business entity, the tech-driven cryptocurrency exchange.”

According to the statement, the tax board resolved to establish a restricted prepayment account for any tax that arises after the project is completed. However, ETCB is not in disagreement with Coinmetro because the board is analyzing the company’s tax requirements.

Word of foul play travels quicker than lightning in the world of cryptocurrency. Coinmetro is advising customers to disregard claims made by a local news outlet. The company also stated:

“Coinmetro is a highly solvent business and the figures involved are modest. Investor funds are, by design, by law, and by their cryptographic nature, kept strictly independent from company assets.”

Are Regulators Facing Crypto Hurdles?

The Security and Exchanges Commission has intervened in Coinmetro’s fight against fraudulent claims. The banking regulator has come under fire once more after its Chair, Gary Gensler, made remarks concerning virtual currencies. According to Gensler, crypto markets should not be treated differently than conventional capital investments because they employ a unique technology.

The SEC chairman feels that crypto lending services are no different from regular finance; the only difference is the asset being lent out. He then stated that it makes no difference to him whether the loan is in cash or bitcoin.

On Twitter, Dallas Mavericks owner Mark Cuban responded to Gensler’s statements, writing,

“Since you understand crypto lending/finances, why don’t you just publish bright line guidelines you would like to see and open it up for comments?”