United States-based crypto trading platform Krakenthe federal government’s Internal Revenue Service is contesting the IRS’s requests.
The stock market, which is trying to find a break in the government investigation launched in the past weeks, wants the IRS to abandon its demands. Internal Revenue Service requests the information of all users with tax liability from the exchange.
Requesting important data from Kraken in February, the IRS wants to identify customers who traded more than $20,000 in crypto from 2016 to 2020 and examine their receipts. Kraken, on the other hand, claimed that this request exceeded the authority of the institution and had no legal basis.
The US-based crypto exchange included the following statements in the file it submitted to the court:
“The IRS is trying to corner cryptocurrency exchanges by making unreasonable demands.”
The authorities emphasized that the request is not valid, referring to a similar situation that happened to Coinbase a long time ago.
Government Pressure on Kraken!
According to crypto followers, Kraken has a daily trading volume of $650 million. Securities and Exchange Commission SECevaluated Kraken’s staking service as a security and fined $30 million. The crypto platform, on the other hand, had to suspend its passive income tools.
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