Hi HODLers and Hiveans,
Kraken is probably my favorite blue chip centralized exchange out there. I have always felt they were serious and cautious with coins they listed. They weren't the type of exchange chasing shiny shitcoins.
In February, the IRS summoned demanding additional user information to identify Kraken accounts that did at least $20,000 of cryptocurrency trading in any single year, between 2016 and 2020.
That would be a lot of users if you take BTC=>USDT transactions in the count.
Kraken asked the San Francisco Federal Court to intervene as the company view this request as going "far beyond” its intrusive summons, and its demands for customer information are not justified.
Kraken decided to join Coinbase and bring this SEC witchhunt in front of the court. It agreed to settle and paid a $30mn fine for offering staking services but enough is enough and they will not kneed to this request.
This will probably increase the ongoing offshoring of crypto companies. This might be the first time that the United States is actively pushing innovation away...
Last continent to do this was Europe and this iw why there are no big tech over there...
In any case, I will follow this ongoing battle as I am a Kraken customer and might even show support in petition/protest if things are happening.
We had ENOUGH GARY!
Source
Source n2
Stay safe out there,
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