Kraken, a major cryptocurrency exchange, commented on the results of the recent incident in an emailed statement. crypto slate July 3.

A company representative said:

“We fought the IRS because they wanted intrusive and unnecessary information about our U.S. customers. The Kraken stopped that.”

Kraken said, among other things, that requests from the Internal Revenue Service (IRS) may have revealed users’ IP addresses and bank account details, as well as users’ net worth, employment data and sources of wealth. . crypto slate Reported on July 1st.

Kraken was compelled to submit identity information about users trading at a certain threshold over a certain period of time, but the court denied Kraken’s request to disclose other KYC/AML data such as employment information, net worth, and wealth sources. bottom.

The representative said the exchange appreciates the court’s denial of many of the IRS’ requests for information. “Much more room than you need.”

The company said its principles include customer security and privacy, arguing that Kraken “always stands up for its customers, just as it has been successful here.”

Despite Kraken’s partial success in keeping user data confidential, it was nonetheless mandated to provide certain information to the IRS. Kraken is required to surrender certain identifying information related to users who have traded at least $20,000 worth of cryptocurrency during the one-year period from January 1, 2016 to December 31, 2020.

Companies must also provide certain on-chain data.

Kraken has processed $382 million in trading volume in the last 24 hours, placing it among the 20 largest cryptocurrency exchanges by trading volume.

Post Kraken says it fought the IRS to protect its customers from identity theft, and other potential harm first appeared on CryptoSlate.

By Jules

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