Kraken will share specific user information with the IRS in November.

According to a June court order, cryptocurrency exchange Kraken is set to provide detailed information on certain customers to the Internal Revenue Service (IRS) in the United States.

According to a June order from a federal court, the cryptocurrency exchange Kraken is set to provide detailed information of certain customers to the Internal Revenue Service (IRS).

The U.S.-based cryptocurrency exchange Kraken confirmed on Thursday that it will share information with the IRS starting in early November 2023, continuing a tax dispute that began in May 2021.

In an email sent to affected U.S. users, Kraken stated that the company will comply with the previous court order and provide the requested user information. As per the order, Kraken is required to provide personal and transaction information of customers who conducted transactions exceeding $20,000 between 2016 and 2020. This data includes names, birth dates, taxpayer identification numbers, addresses, phone numbers, emails, and five years of transaction history.

Although the IRS initially requested additional information such as users' IP addresses, employment status, and sources of wealth, Kraken successfully negotiated to only provide simplified data.

The order reduced the number of users Kraken is required to provide information for from the IRS's initial 59,331 to 42,017 individuals.

It is worth noting that Kraken is not the first cryptocurrency exchange to share user information with the IRS. As early as 2018, Coinbase provided information on approximately 13,000 users to the IRS. Additionally, in 2021, the IRS issued similar requests to other crypto businesses such as Poloniex and Circle.