The U.S. District Court for the Northern District of California ordered the cryptocurrency exchange Kraken to provide the Internal Revenue Service (IRS) with user information. This includes the names, dates of birth, residential addresses, contact numbers and tax identifiers of people who have made transactions over $20,000 in any given year.
Judge Joseph Spero argued that the government had an acceptable purpose in obtaining the requested material.
The IRS requested detailed information to identify and assess the responsibilities of US citizens who were involved in cryptocurrencies between 2016 and 2020.
This request was made when Kraken agreed to charges from the US Securities and Exchange Commission in February 2023. The platform's main commitment is to preserve the protection and privacy of its users.
Recall that Kraken initiated legal action against the IRS back in April, claiming that they had no authority to access information about their customers, which they called an "unwarranted treasure hunt".
