Kraken ordered to turn over transaction information by courts

The Block • July 1, 2023, 5:45PM EDT
The Block

A federal court has ruled that cryptocurrency exchange Kraken must provide the Internal Revenue Service (IRS) with account and transaction information.

The IRS requested this information to investigate potential tax underreporting by users of the exchange. The court petition was filed by the IRS in February after Kraken settled charges with the U.S. Securities and Exchange Commission related to its staking service violating securities law.

The IRS claimed that it had previously issued a summons to Kraken, which the exchange failed to comply with. The requested information includes user details such as name, birthdate, taxpayer identification number, address, phone number, email address, and other relevant documents.

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Kraken is obligated to provide this information for users who conducted transactions exceeding $20,000 in a calendar year between 2016 and 2020.


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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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