Kraken ordered to turn over customer information to the IRS
A U.S. judge ordered cryptocurrency exchange Kraken to fork over certain personal information about its users as part of an Internal Revenue Service investigation.
The IRS wants Kraken to identify accounts that had at least $20,000 in annual crypto trading in the period from 2016 to 2020, according to the order. Kraken has previously refused to comply with the IRS’ summons citing concerns, in part, that it would be a heavy burden and was overly broad.
“The Government has a legitimate purpose for seeking the materials described in the summon. As discussed above, the summons was issued in connection with an investigation by the IRS to determine the identity and correct federal income tax liability of U.S. persons who conducted transactions in cryptocurrency during the period 2016-2020,” Judge Joseph C. Spero said in the court document.
Kraken will have to disclose information such as names, date of birth, physical address, phone numbers and tax identification numbers.
The company didn’t immediately respond to a request for comment from The Block.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Sarah Wynn
