Kraken to Send Customer Data to the IRS in November
"Kraken has notified its users when they will comply with a requirement to provide IRS with user records," reported Bitcoin Magazine.
- "The IRS had initially demanded a range of records and data related to Kraken's U.S. clients."
- "In response, Kraken objected to the demands, emphasizing its commitment to maintaining client privacy. The exchange engaged in a lengthy litigation process to challenge the summons."
"While Kraken was able to reduce the number of clients affected, the court ultimately ordered the exchange to produce information and transaction histories for clients who had transactions exceeding $20,000 in any single year from 2016 to 2020, making this one of the largest successful attempts by the U.S. government to obtain data on crypto investors."
