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ConsenSys, which operates cryptocurrency wallet Metamask, has dispelled rumors that it collects taxes from cryptocurrency users.
The company notified its 270,000 Twitter followers on May 22 that the rumor was based on “inaccurate information” derived from a misreading of Metamask. terms of service.
We are aware that Tweets containing inaccurate information regarding the ConsenSys Terms of Service are circulating.
Let me clarify one thing up front. MetaMask does not collect taxes on cryptocurrency transactions. We haven’t made any changes to the terms for that.
This claim is false.
— ConsenSys (@ConsenSys) May 21, 2023
The company clarified that the tax section of its terms of service only refers to the products and paid plans offered and has nothing to do with on-chain cryptocurrency transactions.
“While legal terminology can be complex, it is important to emphasize that this section does not apply to MetaMask or any other product that does not include sales tax.”
“Metamask does not collect taxes on cryptocurrency transactions and has not changed the terms for doing so.”
On May 21, some members of the cryptocurrency community flouted after users noticed a clause in Metamask’s terms of service stating that the company “reserves the right to withhold taxes if necessary.” Some shouted the act and thought this had something to do with the user’s income tax.
This misinformation quickly climbed the ranks and graced the r/cryptocurrency front page on Reddit, garnering over 500 upvotes and over 600 comments at the time of its publication.
Screenshots of the highlighted section were also picked up by a number of large accounts on Twitter, including Ledger and MetaMask, which recently surprised users with a controversial upgrade and are now on the same page. There was also an account that made an emphasized claim.
If you don’t pay taxes, Metamask will store your cryptocurrency.
Why should leisure have so much fun?
Metamask has joined the group!
— Kashif Raza (@simplykashif) May 21, 2023
Related: MetaMask rolls out ETH purchases via PayPal to US users
However, not everyone agreed with the gossip, and some of the cryptocurrency community quickly dropped the allegations. “Everybody is blindly tweeting about the TOS Metamask tax clause, but they don’t actually read it,” wrote a pseudonymous Twitter user. @printer_brrr.
“If you buy a product from them, they can withhold taxes such as sales tax on that product, just like Amazon does when you buy from them,” they said. Added.
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