Cryptocurrency exchange Kraken is sending a letter to clients notifying them that after losing a lengthy court case, they will need to turn over sensitive data to the Internal Revenue Service (IRS) after a legal battle that began in May 2021.

Surfacing on Reddit this week, the letter follows a summons from the IRS, and is part of an ongoing effort by tax authorities to access information related to cryptocurrency transactions.

The IRS had initially demanded a range of records and data related to Kraken’s U.S. clients. In response, Kraken objected to the demands, emphasizing its commitment to maintaining client privacy. The exchange engaged in a lengthy litigation process to challenge the…

Read more on BitcoinMagazine