Kraken Is Requested By The IRS For Customer Information From $20,000
According to The Block, Kraken was ordered by a judge on Friday to provide certain user information to the Internal Revenue Service (IRS). The IRS wants the exchange to identify accounts with more than $20,000 in crypto transactions annually between 2016 and 2020. Kraken has previously objected to the IRS subpoena partly because its concerns will create a great burden. The exchange called the agency’s summons an “irrational treasure hunt,” arguing that it crossed the line.
Kraken will have to disclose information such as name, date of birth, physical address, phone number, and tax identification number. Friday’s ruling in favor of the government comes amid a deepening US crackdown on cryptocurrencies. The Securities and Exchange Commission this month filed a lawsuit accusing Coinbase of operating an illegal exchange and alleging that Binance.US mishandled customer funds, misled investors and agencies’ regulatory authorities as well as violations of securities rules. Kraken is a leading cryptocurrency exchange with a daily trading volume of around $650 million globally, according to CoinMarketCap. The company did not immediately respond to an email request for comment on the ruling.
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