Kraken Required to Provide Data on User Transactions Higher Than $20K to the IRS

A Californian court required Kraken to provide information on users who executed crypto deals for the equivalent of $20,000 or more between 2016 and 2020 to the IRS. The order comes amid growing concerns of strict cryptocurrency regulations coming for the United States.
‘John Doe Summons’ for Kraken
A federal court in the northern part of California gave the IRS permission to obtain information about crypto transactions completed by Kraken’s users. Following the so-called ‘John Doe summons’ operation, one of the leading crypto exchanges had to provide data about its customers who made the equivalent of $20,000 or more in one year for the period between 2016 and 2020.
IRS Commissioner Chuck Rettig explained the agency’s move saying that the US authorities aim to investigate a ”ascertainable group or class of verifiable persons” who have failed to comply with tax returns and internal tax laws:
”This summons from John Doe is part of our effort to uncover those who are tr

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