Kraken, a cryptocurrency exchange, has announced that it has complied with a court order requiring it to submit data on tens of thousands of its users with the Internal Revenue Service (IRS).
Kraken, a cryptocurrency exchange, has announced that it has complied with a court order requiring it to submit data on tens of thousands of its users with the Internal Revenue Service (IRS).
Details of cryptocurrency transactions above $20,000 done by Kraken customers between 2016 and 2020 will be provided.
Users in the United States who participate in these transactions will have their account history, as well as personal information such as name, date of birth, Tax ID, address, and contact information, submitted to the IRS.
The court decision, which was obtained in June following a two-year legal struggle, affects 42,017 Kraken accounts. Kraken frames its compliance as a triumph for privacy activists, emphasizing that the company successfully opposed the IRS's onerous requests for extra personal data. Previously, similar data-sharing mandates impacted Coinbase, Circle, and others.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
