Kraken obliged to provide customer data to IRS as per court order

By Lola Coin Jul 1, 202393Views

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Crypto Exchange Kraken Ordered to Provide User Information by IRS

The Internal Revenue Service (IRS) has obtained a federal court order requiring crypto exchange Kraken to disclose user account and transactional information. The IRS is specifically interested in users who have traded at least $20,000 worth of cryptocurrency between 2016 and 2020. Kraken had previously been given a summons in 2021, but failed to comply. The information requested includes user names, addresses, phone numbers, and taxpayer identification numbers, as well as on-chain data such as blockchain addresses and transaction records. However, the judge overseeing the case has limited the IRS’s request to exclude employment details and wealth sources. Other exchanges such as Circle, Coinbase, and SFOX have also been asked to provide user data to the IRS. The IRS’s actions are part of a wider effort to ensure tax compliance in the crypto industry.

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