On Friday, Kraken received an order to disclose user information to the Internal Revenue Service (IRS). The judge determined that the government had a valid reason for requesting the data, acknowledging its legitimacy.
In an Internal Revenue Service (IRS) investigation, a U.S. judge has ordered Kraken, the cryptocurrency exchange, to provide specific personal information about its users.
According to the order, the IRS has requested Kraken to identify accounts that conducted annual cryptocurrency trading of at least $20,000 between 2016 and 2020. Kraken had previously declined to comply with the IRS’ summons, expressing concerns about the substantial burden and broad scope of the request.
Judge Joseph C. Spero stated in the court document that the government has a valid reason for requesting the materials described in the summons. The Internal Revenue Service (IRS) is conducting an investigation to establish the identities and accurate federal income tax obligations of individuals who engaged in cryptocurrency transactions between 2016 and 2020.
Kraken will be required to disclose various details, including names, dates of birth, physical addresses, phone numbers, and tax identification numbers.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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