Does Bybit Report to the IRS?

Bybit does not operate in the US and will not send you IRS forms. Its restricted jurisdiction list, last updated September 1, 2026, still names the United States. Use your transaction exports and wallet history to report your activity, just like you would with any other exchange.

No. Bybit lists the United States as an excluded jurisdiction. US residents cannot use Bybit because the company does not hold the licenses required to serve US customers, including CFTC registration for derivatives.

If you used Bybit in the past, those transactions could still be taxable. Whether or not the platform is available does not change your US tax reporting duties.

No. Bybit does not report US customer activity to the IRS the way a US exchange does. However, if your crypto ever touched a US exchange or bank account, assume your activity can be matched, even without a form from Bybit.

No. The broker reporting rules behind Form 1099-DA apply to US brokers, so a foreign exchange generally has no obligation to send you one.

Here is where those rules stand for the exchanges that do report. For 2025 transactions, brokers reported only gross proceeds, and those forms went out in early 2026. For 2026 transactions, brokers also report cost basis, but only for covered assets, meaning crypto bought on that platform on or after January 1, 2026 and held there ever since. Those forms arrive in early 2027.

You still need to report any taxable transactions on your return, form or no form.

No. Do not expect Bybit to send you IRS crypto tax forms.

Common crypto tax forms people look for:

• Form 1099-DA (digital asset proceeds from broker transactions)

• Form 1099-MISC (certain payments, sometimes used historically for rewards)

Form 1099-B no longer applies to digital asset sales. Form 1099-DA replaced it starting with 2025 transactions.

If you moved funds to a US crypto exchange and sold them there, the US platform might send you tax forms for those transactions, even if Bybit does not.

There are common ways your activity can be identified, even when Bybit does not issue IRS forms: US on- and off-ramps such as Coinbase, Kraken, and Robinhood, as well as fiat deposits and withdrawals.

• Bank records like wires, ACH, and card activity tied to cashouts

• On-chain visibility, where deposits and withdrawals can be followed across many networks

• Broker reporting, where a US platform reports your proceeds but leaves basis blank. Basis reporting only covers assets bought on that platform in 2026 or later, so anything you transferred in from Bybit is noncovered and shows up with the basis field empty

• Mismatch cases where proceeds exist somewhere, but your return does not show the disposal

For example, if you traded on Bybit, withdrew to your own wallet, then sent funds to a US exchange and sold for USD, that final sale makes it much easier to match your activity.

Yes. US taxpayers must report taxable income, gains, and losses from crypto activity, whether it occurred on a US exchange, a foreign exchange, a self-custody wallet, or DeFi.

If you do not get a form, your tax calculations do not change. Keeping accurate records, especially for your crypto cost basis and timestamps, is even more important.

Your own records also decide which coins you sold. In Notice 2026-20, issued March 18, 2026, the IRS extended temporary relief that lets you identify the specific units you sold from your own books and records rather than by instructing your broker, for sales through December 31, 2026. The relief covers assets held at a broker. For crypto in your own wallet, your records were always the answer.

It depends on what else was in the account. Under FinCEN Notice 2020-2, a foreign account holding only virtual currency is not a reportable account, so a crypto-only balance on Bybit does not, by itself, trigger an FBAR filing.

The exception catches a lot of people. If the same account also held fiat currency, it is reportable once all of your foreign financial accounts together exceeded $10,000 at any point in the year. That reporting goes on FinCEN Form 114, filed through the BSA E-Filing System, not with your tax return.

Form 8938 is a separate test with its own thresholds, and it can apply even when the FBAR does not. See our guide to filing a crypto FBAR for the full walkthrough.

Here is a practical checklist of transactions that are usually taxable for US purposes:

• Selling cryptocurrency for USD or other fiat: crypto capital gain or loss

• Swapping one token for another: capital gain or loss on what you gave up

• Spending crypto: capital gain or loss at the moment you spend it

• Paying fees in crypto: can be a disposal of the crypto used to pay the fee

• Receiving rewards, bonuses, or incentives from crypto airdrops or mining: often ordinary income when you can control the crypto

• Liquidations of collateral: treated like a sale of the collateral in many cases

• Closing derivatives or margin positions: often capital gains or losses for individuals, depending on facts and statements

If the IRS finds that you underreported income or gains, you could get a notice and owe extra tax, penalties, and interest. This often happens when proceeds are reported elsewhere, but your return does not reflect the disposals, or when your crypto cost basis is missing.

Note: Our powerful crypto tax software can make tax season much easier for crypto users in the US and around the world.

Reporting starts with the data, and a restricted account makes that harder. Work through these in order:

• Check the exports you already have. Old CSV downloads, tax software imports, and email confirmations often cover more than people remember.

• Contact Bybit support to request your account records. A closed or restricted account does not erase the exchange's copy of your history.

• Rebuild the rest from the blockchain. Every deposit to and withdrawal from Bybit has an on-chain record you can pull from a block explorer using your own wallet addresses.

• Fill the gaps with price data. If you know the asset, the amount, and the date, you can reconstruct fair market value at the time of the transaction.

Reconstructed records are worth more than no records, so document how you built them and keep the working file.

Bybit excludes US users, so US taxpayers often need to rely on exports and wallet history to report crypto taxes. Use this checklist:

• Export your Bybit history (trades, deposits, withdrawals, fees, rewards, funding)

• Pull wallet history for wallets that received Bybit withdrawals or sent deposits back

• Mark transfers between crypto wallets you own as transfers, not sales

• For each taxable disposal, compute proceeds and match it to the right crypto cost basis lot

• Mark the holding period (short-term vs long-term) for each disposal

• Separate income items like rewards and incentives, and track later disposals of those lots too

• Report disposals on Form 8949, then summarize totals on Schedule D

• Compare your records to any forms you got from US platforms, especially if they reported proceeds but not your crypto cost basis