Does Bybit Report to the IRS?

Bybit does not operate in the US and will not send you IRS forms. 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 a restricted area. US residents cannot use Bybit, and the platform does not operate in the US due to regulatory restrictions.

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.

Bybit’s reporting is limited. Most users should not expect Bybit to report activity to the IRS like a US exchange would. If your crypto ever touched a US exchange or bank account, assume your activity can be matched, even if Bybit does not send a form.

Usually not. The IRS Form 1099-DA rules for 2025 mostly apply to US brokers. If you use a foreign exchange, you probably will not get a 1099-DA from them.

However, you still need to report any taxable transactions on your tax return.

Usually not. Most users should not expect Bybit to send IRS crypto tax forms.

Common crypto tax forms people look for:

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

• Form 1099-B (broker proceeds for certain broker-reported activity)

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

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, Robinhood, plus 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 proceeds even when crypto cost basis is missing

• 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.

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 internationally.

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