Crypto exchange Kraken will share user information with the Internal Revenue Service next month after receiving a court order in June.
Crypto exchange Kraken is set to share select user information with the Internal Revenue Service next month after being mandated by a court order received in June.
The IRS-Kraken battle began in May 2021 when a U.S. federal court authorized the tax agency to serve a John Doe summons on the crypto exchange and its subsidiaries in a bid to catch tax dodgers. The IRS at the time said that Kraken had failed to comply with the summons. Then in February of this year, the tax agency filed a court document seeking permission to enforce the summons, and in June, a federal court ordered Kraken to turn over user information to the IRS.
The IRS had sought more extensive information, including users' IP addresses, employment details, sources of wealth, net worth, and banking information. However, Kraken said in Thursday’s email that it had successfully convinced the court to "substantially reduce" the number of affected clients and the amount of client data it must produce.
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