business defi Taxes Ledger MetaMask

Is MetaMask withholding customers' crypto for taxes? No, it’s not.

Reading now: 234

ConsenSys, the company behind the crypto wallet MetaMask has hosed down rumors that it collects taxes from cryptocurrency users.

The company informed its 270,000 Twitter followers on May 22, that the rumors were based on ”inaccurate information” drawn from a misreading of MetaMask’s Terms of Service.

We are aware of tweets circulating with inaccurate information about ConsenSys' terms of service. Let's clarify one thing upfront: MetaMask does NOT collect taxes on crypto transactions and we have not made any changes to our terms to do so.

This claim is false.The company clarified that the tax section of its terms of service exclusively referred to products and paid plans offered, and had nothing to do with on-chain crypto transactions."Legal terminology can be complex, but it's crucial to emphasize that this section does not apply to MetaMask or any other products that don't involve sales tax."Certain members of the crypto community cried foul play on May 21 after users noticed a section of MetaMask's terms of service that stated the company "reserved the right to withhold taxes where required,” with some believing this related to a users’ income taxes.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News