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Kraken will share data of 42,000 users with IRS

Mike Ring
October 30, 2023

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Kraken to Share 42,000 Users’ Data With IRS

Kraken, a United States-based exchange, is in the process of sharing 42,000 users’ data with the United States Internal Revenue Service (IRS) in accordance with a court order issued in May 2021. The company will be transferring profile and transaction data such as name, date of birth, tax ID, address, contact information, and transaction history to the IRS in early November.

The court order requires Kraken to provide information on customers who had $20,000 or more in transactions in a single year from 2016 to 2020, as well as those who made deposits and withdrawals but no transactions.

Previous Data Requests by the IRS

In 2018, Coinbase informed 13,000 customers that it would provide taxpayer ID, name, birth date, address, and transaction records from 2013-2015 to the IRS.
In October 2023, the DeFi Education Fund (DEF) filed an amicus brief in support of a user’s appeal against the IRS to prevent them from having access to a user’s transaction history.

For expert assistance in managing your crypto tax obligations and to experience the peace of mind that comes with precise tax filing, don’t forget to explore our cutting-edge crypto tax preparation service. Your financial clarity and confidence start here.

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