Kraken Picks Customer Privacy Over IRS As It Fights Tax Compliance Dispute
San Francisco-based cryptocurrency exchange Kraken finds itself in the midst of a legal showdown with the Internal Revenue Service (IRS) as it fights against the agency’s request for user data. On its part, the IRS seeks to investigate potential tax liabilities of Kraken customers who engaged in cryptocurrency transactions between 2016 and 2020. However, while […]
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Taking a proactive approach, Kraken has appointed Howard Bernstein, the ex-CCO of Merriman Capital as the new Chief Compliance Officer. The company says the appointment will help it as Bernstein is someone who comes with similar background, can anticipate the evolving regulation around Bitcoin and to help ensure it is regulated in a way that protects consumers while allowing the game-changing Bitcoin ecosystem to flourish. The announcement from Kraken says: “Today we’re pleased to announce a great new addition to the team, who will help us advance our proactive approach. Howard Bernstein....
Bitcoin exchange Kraken has passed a cryptographically verifiable proof of reserves audit with flying colours. The audit, which was carried out by Stefan Thomas on 11th and 22nd of March, proved that more than 100% of Kraken's bitcoins are held in reserve. The process was designed to allow the auditor to verify that the total amount of bitcoins held by Kraken matches the amount required to cover an anonymized set of customer balances. Covering all balances. Thomas said the audit was very strict, but at the same time it maintained "absolute privacy" for customers. He also added that Kraken....
It seems UK users will soon be unable to access Monero on one of the leading crypto exchanges. There have always been concerns around the Bitcoin competitor regarding the absolute privacy that the digital asset confers. Until now, it remains impossible to track/trace Monero transactions, making it the ultimate privacy coin, and governments are worried that individuals will use this to evade taxes. Another concern is around the use of the cryptocurrency as a criminal tool, although there is no definitive way to tell if this is true. However, it remains high enough on the list of concerns....