Crypto exchange Kraken is set to share data on tens of thousands of its users with the Internal Revenue Service (IRS), in compliance with a June court order, the company has announced. 

The company, specifically, will share information regarding cryptocurrency transactions above $20,000 made by Kraken customers between 2016 and 2020. U.S.-based users who made such transactions will have their account history sent to the IRS along with their name, date of birth, Tax ID, address, and contact information.

All Kraken customers affected by the announcement were contacted via email on Wednesday, according to the company. A Kraken spokesperson also confirmed the development with Decrypt. The company plans to share the user information in early November. 

In June, a federal judge ordered Kraken to share such information with the IRS, after a two-year legal battle between the privacy-minded crypto company and the federal government over data sharing. Per legal filings in that case, 42,017 Kraken accounts are set to be impacted by the ruling.

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Author: Sander Lutz

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