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Bittrex is shutting down in New York — why this may matter for your crypto taxes
Yesterday, Bittrex announced that they are shutting down operations for residents of New York State. Trading will stop today at the close of business. Bittrex is shutting down NY operations because the New York Department of Financial Services (NYDFS) denied Bittrex of its Bitlicense.
What is BitLicense?
This term refers to the business license of virtual currency activities, issued by the New York State Department of Financial Services. This regulation covers the storing, buying, trading, and controlling of virtual currencies within the State of New York. Very few exchanges have a BitLicense; some of them include Circle, Ripple, Coinbase, and Xapo.
Why is this important?
Get your transaction data out today. If you live in New York or plan to move there, there is no telling how long you will be able to access your trading data. This data is very important to have when doing your crypto taxes. Here are instructions on how to retrieve your transaction history:
1. Go to your Bittrex transaction history by clicking on Orders at the top right.
2. Click Download History. Download a history for every year that you have traded on Bittrex.
Trading will also cease today, so make sure you transfer your crypto out if you want to be able to trade it.
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