Kraken must turn over customer and transaction information to IRS

A federal court has ordered the Kraken exchange to turn over customer account and transaction information to the Internal Revenue Service (IRS).

The information will be needed to verify that users have declared their taxes correctly and have not avoided paying them.

In February, the IRS had already filed a petition with the Northern District Court of California, just after Kraken settled its disputes with the SEC. At the time, the company refused to comply with the request, arguing that it would become too difficult.