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The American cryptocurrency exchange Kraken has confirmed that it is going to share user data with the US tax service next month.
In July, the Federal Court for the Northern District of California approved the requirement of the Internal Revenue Service (IRS) to provide information about Kraken customers.
"In early November 2023, Kraken expects to share this information as required by the court order," according to an email that the cryptocurrency exchange sent to users from the United States.
The battle between the US Internal Revenue Service (IRS) and Kraken began in May 2021, when the court allowed the tax agency to require the exchange to extradite everyone who is hiding from taxes. The IRS then said that Kraken did not comply. Then, in February 2023, the tax agency filed a lawsuit asking for permission to enforce the order, and a federal court ordered Kraken to turn over user information to the IRS.
Kraken must provide information about the profiles and transaction history of customers who have made transactions in excess of $20,000 during any year from 2016 to 2020. This information includes names, dates of birth, taxpayer identification numbers, phone numbers, postal addresses, email addresses, and transaction history for all five years.
The IRS also requested more extensive information, including users ' IP addresses, employment details, capital and banking details. However, Kraken said it was able to convince the court to "significantly reduce" the number of affected customers and the amount of customer data that officials will have to provide.
Currently, the number of customers whose data Kraken will transfer to the tax service is 42,017. Previously, the IRS requested information on 59,331 users.
Last fall, Kraken reached an agreement with the US Treasury Department on a fine for violating sanctions. The site's management voluntarily disclosed the facts of violations of sanctions and, after some negotiations, agreed to a fine of $362,000. We also agreed to invest an additional $100,000 in our own compliance system.
In July, the Federal Court for the Northern District of California approved the requirement of the Internal Revenue Service (IRS) to provide information about Kraken customers.
"In early November 2023, Kraken expects to share this information as required by the court order," according to an email that the cryptocurrency exchange sent to users from the United States.
The battle between the US Internal Revenue Service (IRS) and Kraken began in May 2021, when the court allowed the tax agency to require the exchange to extradite everyone who is hiding from taxes. The IRS then said that Kraken did not comply. Then, in February 2023, the tax agency filed a lawsuit asking for permission to enforce the order, and a federal court ordered Kraken to turn over user information to the IRS.
Kraken must provide information about the profiles and transaction history of customers who have made transactions in excess of $20,000 during any year from 2016 to 2020. This information includes names, dates of birth, taxpayer identification numbers, phone numbers, postal addresses, email addresses, and transaction history for all five years.
The IRS also requested more extensive information, including users ' IP addresses, employment details, capital and banking details. However, Kraken said it was able to convince the court to "significantly reduce" the number of affected customers and the amount of customer data that officials will have to provide.
Currently, the number of customers whose data Kraken will transfer to the tax service is 42,017. Previously, the IRS requested information on 59,331 users.
Last fall, Kraken reached an agreement with the US Treasury Department on a fine for violating sanctions. The site's management voluntarily disclosed the facts of violations of sanctions and, after some negotiations, agreed to a fine of $362,000. We also agreed to invest an additional $100,000 in our own compliance system.
