United States-based cryptocurrency exchange Kraken has announced that it will comply with a court order to share the data of 42,000 users with the Internal Revenue Service (IRS). The court order, issued by the Northern District of California, requires Kraken to provide a wide range of records and data on its U.S. clients who have conducted transactions exceeding $20,000 in any single year from 2016 to 2020. This includes clients who have made deposits and withdrawals without any transactions. The data to be shared with the IRS includes customers’ names, dates of birth, tax IDs, addresses, contact information, and transaction history. Kraken initially objected to the IRS’s demands but was able to reduce the number of affected clients and the amount of data to be shared. This move by Kraken follows a similar case involving cryptocurrency exchange Coinbase, which was ordered to provide user data to the IRS. One user, James Harper, has appealed against the IRS’s access to transaction history, and the DeFi Education Fund has filed a supporting brief in the case. The U.S. Court of Appeals for the First Circuit is currently reviewing this matter.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇺🇸 🇺🇸 🇺🇸 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | James Harper |
| Companies | Coinbase, Kraken, United States Internal Revenue Service (IRS), Northern District of California, U.S. Court of Appeals for the First Circuit |
| Currencies | None |
| Securities | None |
