Cryptocurrency exchange Kraken is challenging a probe by the IRS relating to the tax reporting of its users. The IRS is investigating whether there are users who are underreporting their tax payments. Kraken's decision to narrow the scope of the investigation is a sign of crypto companies in the United States fighting back against what they consider to be unfair scrutiny. Coinbase is another exchange that has proven to be tough when it comes to scrutiny and is currently in a battle with the SEC. U.S. authorities' moves have irked the crypto community, who think that it is an overreach, and taxation and KYC remain some of the biggest concerns for authorities in the United States.

(By Rahul Nambiampurath)