![]() ![]() ![]() I'll refrain from going into a long rant, but we can't completely pass over how pathetic it is that the US is the birthplace of both computers and the internet - yet we're being forced onto the sidelines of the blockchain/crypto revolution as our tech-illiterate leaders do nothing to keep up with the times, and have left regulators with laws written in the 1940's to regulate crypto.Īny company raising funds via fraudulent methods deserves to be taken down, but the SEC's confusing enforcement methods have sent totally legitimate crypto start-ups running to anywhere but here. Originally given the date of Sept 14th, it's surprising US traders aren't locked out already - either way, it's time to plan your move.įor those who haven't been following closely - in early June, Binance announced that the only way to stay compliant with US regulators was to remove US traders from their platform. While publicly they've tried to downplay what a mess this is, for those who own a variety of coins accumulated on Binance, there's no way to sugar coat it - this is going to be massive headache, requiring a combination of solutions. Easier said than done, as we're discovering that there isn't a single exchange that allows US traders, that also lists some of the coins you may have acquired on Binance. Well, no longer allowed to trade I should say - they'll still need to give users the ability to withdraw their tokens. Some investors choose to report this as a non-deductible casualty loss, while others choose the more aggressive approach of reporting it as an investment loss.With the official launch of Binance USA, you can be sure the day is coming where you will try to login to Binance just to be told you're no longer allowed to access the site. Unfortunately, as we detailed in our guide to reporting stolen or lost cryptocurrency, no clear guidance exists from the IRS on how to report assets that are lost due to an exchange shutdown. ![]() Can I claim my lost Binance assets as a capital loss? Unfortunately, signing up for a Binance.US account does not give users access to assets that were held in a account. How do I regain access to my Binance account?Īt this point, it’s difficult to regain access to an American-based account, which means some investors have permanently lost their assets and their transaction history associated with their accounts. The exchange has a similar user interface, but offers fewer cryptocurrencies and is compliant with U.S. While is no longer operatingallowed to operate in the United States, Binance.US can still be used by Americans. Can I still open a Binance account in the United States? According to Bloomberg, Binance is still being investigated for circumventing these regulations. Exchanges that trade virtual currency derivatives are required to register with the CFTC, which Binance did not do. Why did Binance shut down in the United States?īinance was banned in the United States because it did not comply with U.S. In this guide, we’ll outline what actions you can take now if you’ve lost access to your Binance account and break down how you can report this lost cryptocurrency on your tax return. ![]() Unfortunately, this move caused thousands of Americans to lose access to their Binance accounts, and by extension, their cryptocurrency holdings. In 2020, Binance shut off access to all accounts based in the United States due to pressure from regulators. ![]()
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