Bloomberg: Kraken Ordered to Turn Over Its Users’ Information to the IRS

Full link, but soft-paywalled: https://www.bloomberg.com/news/articles/2023-06-30/kraken-ordered-to-turn-over-its-users-information-to-the-irs

Cryptocurrency exchange Kraken was ordered by a judge to provide a wide swath of information about its users to the Internal Revenue Service for the agency’s investigation of underreported tax liability.

The IRS has said it wants information on Kraken accounts that did at least $20,000 of cryptocurrency trading in any single year, from 2016 to 2020. Kraken had called the agency’s summons an “unjustified treasure hunt,” arguing it went well beyond the boundaries set in a similar fight with Coinbase about six years ago.