Kraken notified customers via email on Wednesday that it intends to release data on cryptocurrency trades worth more than $20,000 by November.
Kraken, a cryptocurrency exchange, has announced that it will submit data on tens of thousands of its users with the Internal Revenue Service (IRS) in accordance with a June court order.
The company will reveal information about cryptocurrency transactions worth more than $20,000 performed by Kraken customers between 2016 and 2020. Users in the United States who completed such transactions will have their account history, as well as their name, date of birth, Tax ID, address, and contact information, given to the IRS.
According to the corporation, all Kraken clients affected by the announcement were alerted via email on Wednesday. The corporation intends to provide the user data in early November.
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After a two-year court struggle between the privacy-conscious crypto business and the federal government over data sharing, a federal judge ordered Kraken to share such information with the IRS in June. The verdict is expected to affect 42,017 Kraken accounts, according to legal filings in that case.
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While Kraken has persistently refused to provide the IRS with the information it is now required to produce, the company is presenting the situation as a victory for privacy advocates—and Kraken’s legal struggle with the IRS as one that ultimately prevented a wider intrusion on users’ personal data.
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“We objected to the IRS’s demands and fought the summons, because it sought intrusive and unnecessary information about U.S. clients, including IP addresses, employment information, sources of wealth, net worth, and banking details,” a representative for Kraken stated in a press release. “We persuaded the court to dismiss these demands.” Kraken will always defend its clients’ privacy, as it did here.”
The exchange is not the first cryptocurrency company to be obliged to comply with IRS requests. In 2018, a federal judge ordered the American cryptocurrency exchange Coinbase to provide the tax-collecting agency with some user data.
Another federal court in 2020 granted the IRS legal right to search the records of cryptocurrency payments processor Circle for data connected to similar transactions of $20,000 or more conducted between 2016 and 2020. In addition, the government obtained a court order last year to obtain the same information from crypto prime brokerage SFOX.
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