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A comment on Binance sees $2B in outflows as troubles compound. Parent comment

Re:Binance sees $2B in outflows as troubles compound by noduerme on Tuesday March 28, 2023 @11:46PM (#35352167)
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.
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Re:Binance sees $2B in outflows as troubles compound by peschu on Wednesday March 29, 2023 @01:10AM (#35352902)
It'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.
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Re:Binance sees $2B in outflows as troubles compound by noduerme on Wednesday March 29, 2023 @04:14AM (#35354115)
It'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.
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Re:Binance sees $2B in outflows as troubles compound by JumpCrisscross on Wednesday March 29, 2023 @12:22AM (#35352515)
> 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.

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Re:Binance sees $2B in outflows as troubles compound by noduerme on Wednesday March 29, 2023 @04:13AM (#35354104)
My whole point being that you cannot not report it... you have to, and the foreign bank reports it too.
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