According to a recent statement, the US District Court for the Northern District of California has instructed cryptocurrency exchange Kraken to provide account and transaction information to the Internal Revenue Service (IRS). The agency said it needs information to determine whether users of the exchange are filing their taxes.
According toorder Released Friday, June 30, Kraken will need to deliver Details of users who transacted over $20,000 in any calendar yearincluding names (real or pseudonyms), dates of birth, taxpayer identification numbers, addresses, phone numbers, email addresses, and miscellaneous other documents.
In February, the IRS filed a filing with the Northern District of California, shortly after Kraken settled with the U.S. Securities Exchange Commission (SEC) over allegations of securities law violations related to its service. stacking. The IRS told Kraken in 2021 that the exchange had issued a notice allegedly not complying and is now attempting to do so. Investigating tax liabilities of users transacting in cryptocurrencies between 2016 and 2020.

Also, Kraken will need to communicate. blockchain addresses and transaction hashes already included in the transaction data available for the share. The exchange may also need to provide raw data to the IRS.
Judge Joseph Spero, who presided over the case, appears to have rejected the IRS’ attempt to take over Kraken. Employment Information and source of income. The judge also allegedly denied several requests from the tax officer outright.
The judge said that when considering some requests from tax authorities, the court must determine whether the government’s request was sufficiently targeted, that is, did not go beyond what was necessary to achieve the desired purpose.
In the Court’s findings, the information requested in the first three requests to identify Kraken account holders meeting Doe’s definition was excessively broad and They go beyond what most users need to establish their identity..
Friday’s decision in favor of the government came at a time when US pressure on cryptocurrencies intensified. In June, the SEC filed several lawsuits. reasonsHe accused Coinbase of managing various assets considered unregistered securities and Binance.US of misusing client funds, deceiving investors and regulators, as well as violating securities rules.

Translation of Walter Rizzo