US Internal Revenue Service goes to court to identify Kraken customers
The agency has been seeking personal and tax information since 2021
10.02.2023 - 10:00
273
2 min
0
The U.S. Internal Revenue Service has filed a court document seeking permission to enforce a summons for information against the Kraken crypto exchange and its subsidiaries.
The IRS filed a court petition to enforce its summons on Thursday, with the filing going live just minutes after Kraken announced it would settle Securities and Exchange Commission charges it offered unregistered securities through its staking-as-a-service program.
The IRS said it first issued a summons in 2021, but Kraken has failed to comply.
"Despite discussions between the parties, Payward Ventures Inc. [one of the registered companies that make up Kraken] & Subsidiaries has failed to comply with the summons and has not produced the books, records, papers and other data demanded in the summons. Payward Ventures Inc. & Subsidiaries’ failure to comply with the summons continues to this date," the IRS said in its petition.
According to the petition, "The IRS is conducting an investigation to determine the identity and correct federal income tax liability of U.S. persons who conducted transactions in cryptocurrency for the years ended December 31, 2016, 2017, 2018, 2019, and 2020."
A Krkaen spokesperson said the company had not yet been served with the petition but was aware of the summons.
"One of Kraken’s guiding principles is maintaining the security and privacy of its client accounts. We understand that the Court has expressed concern over the scope of the Summons. The posture of this case has not previously given Kraken an opportunity to weigh in. We look forward to addressing our concerns to the Court," the spokesperson said.
This material is taken from the website coindesk.com.
Useful material?
Telegram 
Twitter Crypto regulations
Authority to promote the sector will be given to the Secretary of Commerce
May 21, 2024
Market
The US securities regulator asked exchanges to update applications to launch such products on an expedited basis
May 21, 2024
Trends
Weekly trading volume is up by 200% over the same period
May 21, 2024
Market
The expert also warned of the risks of the growing popularity of launching projects with high fully diluted valuations
May 20, 2024
Market
Analysts note that from 2024 to 2030, tokens worth $155 billion will be unlocked
May 17, 2024
Technologies
The new mechanism has already made it possible to calculate over tens of millions of fraudulent addresses
May 16, 2024
Cryptocurrency rates
-
Bitcoin
$70 203
BTC
-1.81%
-
Ethereum
$3 792.92
ETH
+2.71%
-
BNB Smart Chain
$619.34
BSC
+2.42%
-
Ripple
$0.535956
XRP
-0.94%
-
Dogecoin
$0.172375
DOGE
+3.17%
-
Cardano
$0.49405
ADA
-2.87%
-
Polkadot
$7.68
DOT
+0.45%
-
Bitcoin Cash
$512.06
BCH
-2.56%
-
Litecoin
$88.32
LTC
-1.11%
-
Stellar XLM
$0.112227
XLM
-0.99%