sFOX Statement on IRS Summons

Update as of September 23, 2022: federal judges in New York authorized the IRS to issue the summons to gather information on M.Y. Safra Bank customers who conducted crypto transactions over $20,000 through sFOX between 2016 and 2021.

On August 23, 2022, sFOX received the “John Doe” summons from the IRS and began reviewing internally and with external legal counsel.

While it is the normal course of sFOX business not to comment on such pending items, we feel it is imperative to cover a few important facts.

  • The “John Doe” summons clearly states “There is no allegation in this suit that SFOX has engaged in any wrongdoing in connection with its digital currency business.”
  • The IRS uses “John Doe” summonses to obtain information about possible violations of internal revenue laws by individuals whose identities are unknown.
  • sFOX always adheres to the law and will be helpful and respectful in any investigation, while also ensuring that we protect our customers’ personal or private information.
  • sFOX will continue to review matters internally while conferring with external legal counsel around next steps.

Any customer queries should be directed to: legal@sfox.com