Popular cryptocurrency exchange Kraken is set to share some user data with the Internal Revenue Service (IRS) next month, following a court order it received back in June.
In an email the trading platform sent to affected U.S. users, Kraken noted it “expects to share information covered by the court’s order in early November 2023.” The move is a result of a legal battle between Kraken and the IRS that started in May 2021, when a U.S. federal court authorized the tax agency to serve a John Doe summons on the exchange and its subsidiaries.
According to the IRS, Kraken did not cooperate with the summons, and in February of this year, the tax agency then asked a court to let it enforce the summons. A federal court told Kraken in June to give the IRS user data.
Per the June order, Kraken has to give the IRS profile and transaction data for customers who did more than $20,000 in transactions in any year from 2016 to 2020. This data includes names, birthdates, tax IDs, addresses, phone numbers, email addresses, and transactions for those five years.
The IRS notably sought more extensive information, which included IP addresses, employment details, sources of wealth, net worth, and banking information. Kraken noted in its email it successfully convinced the court to “substantially reduce” the number of affected clients and the amount of data.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/oct/30/
