The war against crypto users' privacy is gradually being won by the government, and this all is motivated toward achieving cryptocurrency taxation and if this goes fully live then a lot of those who may have evaded taxes true the cryptocurrency trade will have the law to face and this is the many disadvantages of using centralized regulated exchanges.
We know that cryptocurrencies that are decentralized like Bitcoin may not be available for such regulation and third-party forces from the government such as this if the Bitcoin is being held in a self-custody wallet, but then its services such as exchanges are the most targeted and only window through which authorities will get access into users/traders information, although I still don't know what the punishment will be for those in this category that is those that have traded above the said limits, without tax remittances.
Topic: Kraken Warns Users: Your Bitcoin Trading Data Is Headed to the IRS - page 2. (Read 191 times)
October 27, 2023, 06:54:46 PM
October 27, 2023, 06:06:20 PM
After two years of battle between Kraken and the United States federal government over data sharing. In June, the battle was lost by Kraken. Federal judge ordered Kraken to share customers trading information with the Internal Revenue Service (IRS). According to Kraken, information of those with over $20000 trading transactions would be shared with the government, data from 2016 to 2020 will be shared.
Kraken will share it by early November which is some days away.
https://decrypt.co/203507/kraken-warns-users-bitcoin-trading-data-irs
Quote
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.
Kraken will share it by early November which is some days away.
https://decrypt.co/203507/kraken-warns-users-bitcoin-trading-data-irs
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