{"id":16634,"date":"2021-05-06T18:50:08","date_gmt":"2021-05-06T18:50:08","guid":{"rendered":"http:\/\/ci02826e5f40002568"},"modified":"2021-05-06T18:50:08","modified_gmt":"2021-05-06T18:50:08","slug":"irs-authorized-to-summon-kraken","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/irs-authorized-to-summon-kraken","title":{"rendered":"IRS Authorized To Summon Kraken For User Information"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>A court in Northern California has <a href=\"https:\/\/www.justice.gov\/opa\/pr\/court-authorizes-service-john-doe-summons-seeking-identities-us-taxpayers-who-have-used-1\" target=\"_blank\" rel=\"noopener\">empowered<\/a> the IRS to serve a \u201cJohn Doe summons\u201d to Payward Ventures Inc., which does business in the U.S. as cryptocurrency exchange Kraken, as it seeks information about user transactions with tax implications.<\/p>\n<p>Per this summons, the exchange could be compelled to provide information on users who might have conducted transactions worth at least $20,000 between 2016 and 2020. Notably, this summon does not imply that Kraken is suspected of any wrongdoing.<\/p>\n<p>\u201cThis John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share,\u201d IRS Commissioner Chuck Rettig said in a U.S. Department of Justice (DOJ) press release. <\/p>\n<p>\u201cGathering the information in the summons approved today is an important step to ensure cryptocurrency owners are following the tax laws,\u201d added acting assistant attorney general David Hubbert of the DOJ\u2019s Tax Division. \u201cThose who transact with cryptocurrency must meet their tax obligations like any other taxpayer.\u201d<\/p>\n<p>The IRS uses the John Doe summon to get details l about taxpayers from agencies or exchanges within the country for those it does not yet know the names of. This move on the part of the government, to gather more information about bitcoin users and compel them to follow regulations, highlights one of the primary reasons many have sought an alternative to the conventional financial system. <\/p>\n<p>In the last 24 hours, bitcoin has been the <a href=\"https:\/\/coinmarketcap.com\/exchanges\/kraken\/\" target=\"_blank\" rel=\"noopener\">highest-volume cryptocurrency traded on Kraken<\/a>, with more than $430 million worth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS has been authorized to seek information on users of the cryptocurrency exchange Kraken, to ensure they are paying their taxes.<\/p>\n","protected":false},"author":3283,"featured_media":3266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1224,760,219,235],"class_list":["post-16634","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-irs","tag-kraken","tag-regulation","tag-taxes"],"author_data":{"id":3283,"name":"Oluwapelumi Adejumo","nicename":"oluwapelumi-adejumo","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/oluwapelumi-adejumo-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/ncla-fights-irs-crypto-investment-data-collection.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3283"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=16634"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/3266"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=16634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=16634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=16634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}