![]() 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. 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. Please note, you must verify your account and deposit funds to be eligible to access trading. 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. Binance.US is available in most states but states not available yet are listed below. 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. ![]() As of April 2022, Binance.US has a 24-hour trading volume of 306.16 million. Not available to residents of select US states. Exchanges that trade virtual currency derivatives are required to register with the CFTC, which Binance did not do. However, even though Binance.US is registered with FinCEN and is available in most states, it’s not available in Hawaii, Idaho, New York, Texas, or Vermont. Binance.US is an online exchange offering cryptocurrencies, tokens, futures, margin trading, crypto loans, and more. This connector is available in the following products and regions. Why did Binance shut down in the United States?īinance was banned in the United States because it did not comply with U.S. A Power Platform Connector for connecting to the API to query crypto. 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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