Crypto exchange Kraken will share its users’ data with the tax agency Internal Revenue Service (IRS) following a court order received in June.
In an email sent to its affected US users on Wednesday, Kraken said that it will share data to the government agency by November 2023. The data includes profile information and transaction history of users who have transferred an amount exceeding $20,000 during any years from 2016 to 2022.
The profile information that Kraken will disclose to the tax agency includes name, taxpayer identification number, address, phone number, birthdate, transaction history and more account related details.
While the IRS asked for more extensive user information such as IP address, banking details, Kraken convinced the court to limit the number of clients and data it sought. On demanding data for 59,331 users, Kraken has reduced it to nearly 42k, it said in the email.
On June 30, a US federal court ordered Kraken to share its data with IRS after a year-long legal battle. In May 2021, a court authorized the IRS to serve a John Doe summons on Kraken in order to catch tax evaders. The IRS later claimed that the exchange is not complying with the summons.
