Kraken ordered to disclose user data to IRS for tax compliance.

A federal court has ordered cryptocurrency exchange Kraken to provide the Internal Revenue Service (IRS) with account and transaction information. The IRS requested this information to determine if any users of the exchange have underreported their taxes. The court order requires Kraken to disclose details of users who have engaged in transactions exceeding $20,000 within a calendar year, including their names (real or pseudonyms), birthdates, taxpayer identification numbers, addresses, phone numbers, email addresses, and other documents. The IRS claims to have issued a summons to Kraken in 2021, which the exchange did not comply with, leading to the investigation of potential tax obligations for users who conducted crypto transactions between 2016 and 2020.

In addition, Kraken will be required to provide blockchain addresses and transaction hashes, which are already included in the transaction data available for sharing. The exchange may also be asked to provide raw data to the IRS. However, the court judge dismissed the IRS’ attempt to obtain employment information and the source of wealth from Kraken, denying several of the IRS’ requests.

This ruling comes as part of a broader crackdown on cryptocurrency in the United States, with the Securities and Exchange Commission filing lawsuits against Coinbase and Binance.US for alleged illegal activities and violations of securities rules.

Source: [Cointelegraph](

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