I never truly understood that - prohibiting companies outside of US from getting American customers. If the US govt doesn't want that to occur maybe they should police their citizens instead and see how that goes? I mean, an American citizen signs up for a service that he's forbidden from using and somehow that's the company's (that's offering that service) fault? Looks to me like trying to pass off doing your bidding to others.

> an American citizen signs up for a service that he's forbidden from using and somehow that's the company's (that's offering that service) fault?

Americans aren’t forbidden from using Binance by the U.S. The U.S. says if you’re doing business with Americans, you have to follow these rules. Binance isn’t following those rules.

One solution is to follow those rules. Another is to not do business with Americans. Either way, the obligation is on the vender. Not the consumer. (If the consumer lies about being American, the vender may be able to collect damages.)

> Binance isn’t following those rules.

Allegedly ;)

> Either way, the obligation is on the vender.

Yes, but that's an obligation that's put forward by the US govt. If I'm incorporated in another country why do I have to concern myself with their market regulations?

> why do I have to concern myself with their market regulations?

Because the people you are doing business with, Binance, decided to use U.S. dollars. And, allegedly, to do business with Americans.

We seem to be going in circles ;) I'm ok to let this go ;)

US investment regulators are determined to see investors as victims and other parties (crypto exchanges in this case) as perpetrators even if that's not quite what's happening. You can profit from something you know is a ponzi or pump-and-dump and you're still the victim. (The only exception I know of is the Madoff clawbacks.)

I don't think you'd normally report the exchange used to trade on your tax return, just the transactions themselves.

They can definitely make assumptions, though, when you report you sold XYZ coin that's not traded on any US-regulated exchanges.

For cryptocurrencies there is a field where you fill out the institution on which you executed the trade.

Never seen that. What form has it?

Ah, turbotax exposed the field but looking at the generated form 8949 I see the info wasn't passed on to the return.