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If an American citizen trades crypto on a foreign exchange, AFAIK any gains are still taxable. If an American citizen withdraws fiat to a foreign bank, those ba
by noduerme 4y ago
If an American citizen trades crypto on a foreign exchange, AFAIK any gains are still taxable. If an American citizen withdraws fiat to a foreign bank, those banks still report to the IRS. I understand how Binance evading reporting is an issue for the US GOV, but I don't really see how it matters as an exit strategy for US citizens. If I want to open a bank account in another country and just wire money there I can do that without jumping through the hoops of opening a crypto account.
- JumpCrisscross 4y ago> just wire money there I can do that without jumping through the hoops of opening a crypto account If you do this to hide gains from the IRS, it's tax fraud.
- noduerme 4y agoMy whole point being that you cannot not report it... you have to, and the foreign bank reports it too.
- peschu 4y agoIt's not that easy. European banks for example, don't accept us customers or you have to deliver extensive documentation. Even in switzerland the u.s. were able to enforce it.
- noduerme 4y agoIt's trivial to open a foreign bank account. Yes, they all report to the US. What I was saying to the parent was, there's no way to avoid taxes just because you go through a crypto step.