Cryptocurrency exchange Kraken was ordered to comply with demands from the Internal Revenue Service to turn over information about the company’s users for the agency’s investigation into which of them might be underreporting their tax liability.
(Bloomberg) — Cryptocurrency exchange Kraken was ordered to comply with demands from the Internal Revenue Service to turn over information about the company’s users for the agency’s investigation into which of them might be underreporting their tax liability.
In a petition to enforce its summons filed in February, the IRS said it’s seeking to identify Kraken accounts that did at least $20,000 of cryptocurrency trading in any single year, from 2016 to 2020. Kraken has argued the IRS went well beyond the boundaries set in a similar fight with Coinbase about six years ago.
The federal judge who ordered the disclosure Friday also denied a part of the agency’s request.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.