NEW!Incredible offer for our exclusive subscribers! Read More

Court Allows IRS to Obtain User Info from Major Cryptocurrency Exchange

1 Mins read

The United States District Court for the Northern District of California has given the green light to the Internal Revenue Service to obtain the identities of taxpayers who have used popular cryptocurrency exchange Kraken with the help of a John Doe summons.


The government agency is seeking information about users whose total transaction volume has exceeded $20,000 over a four-year period from 2016 to 2020.

IRS Commissioner Chuck Rettig claims that the summons is necessary to uncover those who are refusing to pay their fair share:

There is no excuse for taxpayers continuing to fail to report the income earned and taxes due from virtual currency transactions.

It started in 2017

Last month, the IRS also obtained an ex parte court order to send a John Doe summons to payment services company Circle, which is known for operating the USD Coin (USDC) stablecoin.

Back in 2017, the IRS scored a big court victory over Coinbase, the largest U.S. cryptocurrency exchange, that allowed it to investigate the company’s users who may be tax dodgers. The ruling has paved the way for the most recent summonses.

In 2019, the U.S. government sent warning letters to more than 10,000 cryptocurrency holders.

Related posts

Cointolab blocked more than 10 thousand wallets from Russia

1 Mins read
The Cointolab platform said it has blocked more than 10,000 wallet addresses associated with Russian individuals or entities that it believes are…

Bitcentr launched the largest aid campaign!

1 Mins read
Ukraine is at war, war for our freedom but also for European freedom and democracy. People of Ukraine are in a big…

Cryptexby with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *