Does KuCoin Report to the IRS?
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Former US KuCoin users generally should not expect Form 1099-DA from KuCoin. The IRS says taxpayers who use some foreign brokers may not receive the form, but they still have to report their taxable crypto activity.
KuCoin closed US customer accounts on January 23, 2025. If you used KuCoin as a US taxpayer, you still report gains, losses, and taxable rewards from that account.
TokenTax can import your KuCoin history and help calculate your gains, losses, and income.
Why trust our crypto tax experts
KuCoin is a foreign crypto exchange, and former US users generally should not expect the same IRS information reporting they receive from a US digital asset broker. The IRS Form 1099-DA instructions state that generally only a US digital asset broker is required to report on Form 1099-DA. The IRS also warns that taxpayers using some foreign brokers may not receive the form.
That doesn't exempt KuCoin users from their tax obligations. If you are a US taxpayer who traded or earned crypto on KuCoin, you still report all taxable activity from that account, including sales, swaps, staking rewards, and other taxable income.
The IRS requires US taxpayers to report taxable crypto activity whether or not they receive an information return. Failing to report tax correctly can lead to penalties and interest.
What happened to KuCoin accounts for US users?
KuCoin announced that it would close all accounts belonging to US users effective January 23, 2025, and restrict accounts verified as belonging to US residents as well as access from US IP addresses.
On January 27, 2025, Peken Global Limited pleaded guilty to operating an unlicensed money transmitting business. As part of the resolution, it agreed to:
forfeit $184.5 million
pay a criminal fine of about $112.9 million
exit the US market for at least two years
See the Justice Department announcement.
The regulatory action continued in 2026. On March 30, a federal court entered a CFTC consent order that permanently bars Peken Global from allowing US participants direct access to KuCoin's trading system without registering as a foreign board of trade. The order also requires Peken Global to pay a $500,000 civil penalty.
For US taxpayers, this article mainly covers historical KuCoin activity. Closing an account does not change the tax treatment of trades, rewards, or other transactions from earlier years.
Tax implications on KuCoin transactions
Trading, staking, or earning interest on KuCoin can create taxable events:
Trading one crypto for another: you report the gain or loss based on the fair market value of the assets involved.
Staking and other rewards: generally taxable income.
Withdrawing crypto from KuCoin to a wallet you own isn't a sale. Paying a network fee in crypto is a small disposal, though.
The IRS requires you to report KuCoin income, gains, and losses whether or not a tax form arrives. Since January 1, 2025, you track cost basis separately for each wallet and account, so keep your KuCoin lots apart from lots held elsewhere.
Does KuCoin provide tax documents?
Former US users should not rely on receiving a US tax form from KuCoin. Instead, calculate your gains and income from your complete transaction records.
If you move crypto from KuCoin to a US digital asset broker and later sell it, that broker may report the sale on Form 1099-DA. Crypto transferred into the broker is a noncovered security, so the broker generally isn't required to report its cost basis. Your Form 1099-DA may therefore show proceeds without basis.
Use your KuCoin and other historical records to determine the original acquisition date and cost basis when completing Form 8949 and Schedule D.
How to get a KuCoin tax statement
KuCoin lets users export their trade, deposit, and withdrawal history as CSV files.
If KuCoin disabled your login when it closed US accounts, contact KuCoin support to ask what history it can provide. Rebuild the rest from your bank records, deposit and withdrawal addresses, and blockchain data.
Once you have your records:
Combine KuCoin activity with every other exchange and wallet you used.
Match deposits and withdrawals that were transfers between your own accounts.
Rebuild the original cost basis of crypto you deposited into KuCoin, since a deposit doesn't reset it.
Calculate gains and losses, and report them on Form 8949 and Schedule D.
Report staking rewards and other income separately.
Ways to lower your KuCoin taxes
There are a few strategies that can reduce your tax liability on KuCoin transactions:
Tax-loss harvesting: Selling assets that have declined in value can offset gains from other trades.
Holding periods: Crypto held as a capital asset for more than one year generally qualifies for long-term capital gains rates of 0%, 15%, or 20%. Short-term capital gains are generally taxed at ordinary income rates.
Keep detailed records, and check your approach with a tax professional or a tool like TokenTax.
Learn how to reduce your crypto taxes.
How TokenTax can help with your KuCoin reporting
TokenTax imports KuCoin data from CSV files. Upload your filled spot orders along with your deposit and withdrawal files, and add futures data separately if you traded futures. See our guide to importing your KuCoin data.
From there, TokenTax can:
match transfers between your own accounts
reconcile cost basis with your other exchanges and wallets
calculate gains, losses, and income
produce Form 8949 and Schedule D reports
Accurate results depend on uploading your full history.
Does KuCoin Report to the IRS FAQs
Can I use KuCoin in the US?
Does KuCoin provide financial or end-of-year statements?
Does KuCoin issue Form 1099-DA?
Do I still owe US tax on KuCoin gains if KuCoin closed my account?
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