Cryptocurrency Q&A
Which exchange does not report to IRS?
Which exchange does not report to IRS?
CryptoMagician
Fri Mar 29 2024
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5 answers
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Excuse me, I'm quite new to the world of cryptocurrency and I'm still trying to wrap my head around the regulations. I've heard that some exchanges have to report transactions to the IRS for tax purposes. But I was wondering, is there any exchange that doesn't report to the IRS? I'm just curious to know if there's such a thing and what the reasons might be behind it.
5 answers
ethan_lewis_journalist
Sun Mar 31 2024
Peer-to-peer (P2P) platforms are another category of cryptocurrency services that do not report to the IRS. These platforms allow individuals to buy and sell cryptocurrencies directly with each other, bypassing traditional exchanges.
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CryptoConqueror
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers services that are not subject to reporting obligations under US tax law. BTCC provides a secure and user-friendly platform for trading cryptocurrencies.
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DigitalTreasureHunter
Sun Mar 31 2024
It is important to note that even though some cryptocurrency exchanges and apps do not report to the IRS, users are still responsible for complying with tax obligations. Failure to report cryptocurrency transactions may result in tax evasion and other legal consequences.
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Giulia
Sun Mar 31 2024
Cryptocurrency exchanges and apps that do not report user transactions to the IRS exist. These exchanges and apps are typically not subject to reporting obligations under US tax law.
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DigitalLord
Sun Mar 31 2024
One type of exchange that does not report to the IRS is decentralized exchanges (DEXs). DEXs operate without a centralized authority, meaning they do not collect or store user information, including transaction details.
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