IRS Authorized To Summon Kraken

A court in Northern California has empowered the IRS to serve a “John Doe summons” 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.

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.

“This John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share,” IRS Commissioner Chuck Rettig said in a U.S. Department of Justice (DOJ) press release.

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