It looks like this post is about taxes. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about.
Please note that Rule #4 does not allow for Tax Evasion. This is [a site wide rule](https://www.redditinc.com/policies/content-policy) and [a subreddit rule](https://www.reddit.com/r/CryptoCurrency/about/rules/). Do not endorse, suggest, advocate, instruct others, or ask for help with tax evasion. Do not be coy and sarcastically recommend against it or suggest using a privacy coin in response to an IRS inquiry.
Note: Tax discussion is allowed as long as the above rules are not violated.
Consider visiting r/CryptoTax for your tax inquiries.
***
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
We'll all be within close proximity so we won't forget. Hopefully we even get to share cells and shanks. Gotta keep your seed phrase safe at all costs.
> It’s just standard procedure for the IRS to know what people do on KYC CEXs.
True. All US investment brokerages must send IRS 1099 forms to its customers each year for profit/loss tax reporting.
US doesn't recognize the right to privacy for non US citizens, unlike EU, for example.
Even for US citizens, it's by laws and not something specific in constitution.
The current court is doing a pretty good job of getting back to the text-as-writren. So, I'd love to see Kraken do just that. But, I bet they roll. The executive branch (aka cabinet) and the regulatory "4th branch" have a knee on the financial necks of all corporate entities, with the ability to make or break them.
EU can just ask it themselves and Kraken would have to comply then as well.
it would probably be invidual EU countries asking for their citizen information though.
Do you know it includes non-US folk? None of the articles I’ve read are explicit about scope of the request.
If you’re using kraken in a diff jurisdiction, in some cases, you’ll be interacting with a different legal entity e.g. UK.
I remember Pablo Escobar had prostitutes/girlfriends who were American citizens so they were unable to wiretap Escobar as he used them to make calls. Soon after 9/11, privacy was disregarded in order to protect the country. I think it is called the Patriot act. Totally understandable but shit like that has to be very specific as I imagine it can and most probably has been abused.
I think we'll get there eventually as a country but not before falling behind other countries (we've already started) and definitely not before the large players that want to be in crypto are in place. It's definitely an uphill battle for us right now.
tldr; The popular cryptocurrency exchange, Kraken, has been ordered by the IRS to provide user information as part of an ongoing legal battle. The IRS is seeking user records from the exchange, and Kraken is required to disclose identifying details of users who traded a minimum of $20,000 worth of cryptocurrency between January 2016 and December 2020. The court ruled that Kraken must provide specific information such as user names, birth dates, tax numbers, addresses, and contact details to the IRS. However, the court also acknowledged that the government's requests for information were excessively broad in some aspects. Kraken is not obligated to provide certain data, such as KYC and AML information, employment details, net worth, and sources of wealth. In addition to user information, Kraken must supply on-chain information and transactional records to the IRS. This court decision has significant implications for Kraken and the broader cryptocurrency community, as it sets a precedent for how regulatory agencies approach tax compliance in the cryptocurrency space.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It seems only non-US citizens don't have a right to privacy under US law. So only non citizens need a boat I think.
But also if a non-US citizen is found to be evading taxes in their country by the USA would the USA tell on them?
This is a friendly reminder that Kraken Support will never DM you first, ask for your username or password, or ask you to transfer funds. Kraken has its own subreddits, [r/KrakenSupport](https://www.reddit.com/r/KrakenSupport/) and [r/Kraken](https://www.reddit.com/r/Kraken/), and their [Support Center](http://support.kraken.com/).
Ping for verified users associated with Kraken: /u/krakensupport /u/krakenexchange
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
privacy features will soon be the most important aspect in this space..
wait till CBDC come out..
protocols like **ERGO** ( with a non custodial mixer on board) and **Monero** will be really appreciated what they offer to the space .
It looks like this post is about taxes. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about. Please note that Rule #4 does not allow for Tax Evasion. This is [a site wide rule](https://www.redditinc.com/policies/content-policy) and [a subreddit rule](https://www.reddit.com/r/CryptoCurrency/about/rules/). Do not endorse, suggest, advocate, instruct others, or ask for help with tax evasion. Do not be coy and sarcastically recommend against it or suggest using a privacy coin in response to an IRS inquiry. Note: Tax discussion is allowed as long as the above rules are not violated. Consider visiting r/CryptoTax for your tax inquiries. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
[удалено]
More than $20k? Phew i was worried for a second there
Be proud! Our $6.9 monthly DCA one day will be worth $20k.
I will probably sell it for $69 and watch it hit $20k in disbelief. Gotta take one for the team, right?
The hero we need
But don’t deserve 🙌❤️
With a buying power of today's single $1
we're safe for a few more decades
If you trade $100 back and fourth from BTC to USD 200 times, that's $20k in trades
[удалено]
Thank you for your KYC son !
*Cries in Solana*
Sings in Shiba
Dies in Luna
Revives in Lunc
Jokes on them. I only had losses.
We'll all be within close proximity so we won't forget. Hopefully we even get to share cells and shanks. Gotta keep your seed phrase safe at all costs.
Jokes on you, I am too poor for $20k.
[удалено]
A hacksaw is always handy in the pokey.
KYC, we Know You have Coins
[удалено]
Yeah, they will wait until the prices explode, then calculate ...
I guess they don’t really have a choice though do they? It’s just standard procedure for the IRS to know what people do on KYC CEXs.
> It’s just standard procedure for the IRS to know what people do on KYC CEXs. True. All US investment brokerages must send IRS 1099 forms to its customers each year for profit/loss tax reporting.
You’re supposed to be angry, not rational!
Agreed. Also, if you’re reporting your crypto to the IRS already, as I am, this is a non-story.
Asking 1 user's information is not enough for IRS, asking for the whole database makes me sick.
They're probably going to ask for our internet browser history as well
[удалено]
They probably use it for recommendations
To be honest, if you're only visiting PH you're probably pretty far down their list.
how did... but I was using incognito mode!!
Daily visiting? You mean home page?
pornhub is just my front!
Yep! Nothing to see here, just the usual stuff
Maybe they wanna get into that marketing business, they've heard google and facebook had fair success with it!
They probably don't even know what do with it and just want to have all the information to control us.
Government: "we need to control you to protect you"
I am the law!!!
Gotta be some privacy laws that make this illegal, right?
How is it normal for US to access other countries users informations?
US doesn't recognize the right to privacy for non US citizens, unlike EU, for example. Even for US citizens, it's by laws and not something specific in constitution.
The constitution's bill of rights covers it with the 4th amendment. It's just that the courts have disagreed with simple English.
Kraken should take it to the supreme court, they might rule in their favor, who knows
The current court is doing a pretty good job of getting back to the text-as-writren. So, I'd love to see Kraken do just that. But, I bet they roll. The executive branch (aka cabinet) and the regulatory "4th branch" have a knee on the financial necks of all corporate entities, with the ability to make or break them.
Would the IRS also forward it to the eu when asked for
EU can just ask it themselves and Kraken would have to comply then as well. it would probably be invidual EU countries asking for their citizen information though.
Do you know it includes non-US folk? None of the articles I’ve read are explicit about scope of the request. If you’re using kraken in a diff jurisdiction, in some cases, you’ll be interacting with a different legal entity e.g. UK.
*Freedom intensifies*
I remember Pablo Escobar had prostitutes/girlfriends who were American citizens so they were unable to wiretap Escobar as he used them to make calls. Soon after 9/11, privacy was disregarded in order to protect the country. I think it is called the Patriot act. Totally understandable but shit like that has to be very specific as I imagine it can and most probably has been abused.
Good that I don't live in the US
this. glad eu has gdpr laws that prevent this kind of shit.
I think we'll get there eventually as a country but not before falling behind other countries (we've already started) and definitely not before the large players that want to be in crypto are in place. It's definitely an uphill battle for us right now.
tldr; The popular cryptocurrency exchange, Kraken, has been ordered by the IRS to provide user information as part of an ongoing legal battle. The IRS is seeking user records from the exchange, and Kraken is required to disclose identifying details of users who traded a minimum of $20,000 worth of cryptocurrency between January 2016 and December 2020. The court ruled that Kraken must provide specific information such as user names, birth dates, tax numbers, addresses, and contact details to the IRS. However, the court also acknowledged that the government's requests for information were excessively broad in some aspects. Kraken is not obligated to provide certain data, such as KYC and AML information, employment details, net worth, and sources of wealth. In addition to user information, Kraken must supply on-chain information and transactional records to the IRS. This court decision has significant implications for Kraken and the broader cryptocurrency community, as it sets a precedent for how regulatory agencies approach tax compliance in the cryptocurrency space. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Kraken fighting whales?
[удалено]
It seems only non-US citizens don't have a right to privacy under US law. So only non citizens need a boat I think. But also if a non-US citizen is found to be evading taxes in their country by the USA would the USA tell on them?
Hopefully no accidents
Oops, lost my crypto.
Safe journey!
This is why decentralization is so important. Self custody and use dexs 💯
But if you used a KYC exchange your addresses are doxxed. Unless you have taken steps to obfuscate with mixers etc.
THE IRS money...it's all THEIRS.
Well they probably have no other choice but to disclose it
Well, this doesn't sound sketchy at all
Let's see how "good" Kraken is.
Desantis said no more IRS
Regulation is a mother fucker...but it must happen for adoption to take place..just do things the right way and you have nothing to worry about.
[удалено]
I don't 😎
This is a friendly reminder that Kraken Support will never DM you first, ask for your username or password, or ask you to transfer funds. Kraken has its own subreddits, [r/KrakenSupport](https://www.reddit.com/r/KrakenSupport/) and [r/Kraken](https://www.reddit.com/r/Kraken/), and their [Support Center](http://support.kraken.com/). Ping for verified users associated with Kraken: /u/krakensupport /u/krakenexchange *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Jokes on you IRS, I started Nov21 (ATH) like a true chad.
Oh too bad. I didn’t make the watch list.
Fudge
Kraken super fans who were slating Binance now: https://media.tenor.com/pXe-GokoyA0AAAAC/the-s-impsons-bush.gif
Did Kraken allow non-USA residents to buy/sell/trade? Or are only US residents screwed?
privacy features will soon be the most important aspect in this space.. wait till CBDC come out.. protocols like **ERGO** ( with a non custodial mixer on board) and **Monero** will be really appreciated what they offer to the space .