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Despite living in LOS an Amercian crypto exchange is asking me to do KYC again.


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I joined an exchange in new york 4 yrs ago and passed KYC. Im not American but I sent funds from my country to that wallet, purchased bitcoin and then moved it to my hardware wallet.

That exchange is now operated as a new entity. I actually dont use that exchange anymore and dont know whether to give them all the info they are requesting. Its a bit of a waste of time to be honest and I see it as none of their business.  I read online that the IRS is asking Kraken to give info on its American customers. I assume the IRS is probing my crypto account in quesiton.

Any implications if I dont give them the info. I suppose they will just close the account.

I wonder if I did give them all the info and my current address etc will they report to the Thai tax office where I live now even if Im not american? I fully disclose that I intend to pay capital gains to the Thai tax dept when I eventually sell my small holdings. 

Only advantage I can see in giving them the info is if I ever want to sell via their legit exchange and then fund to my Thai bank account.  I know that they can do this but never tried.

Knowing how strict they are in NY with Crypto I worry that they might try to freeze my account or some B.S if I did sell via the said exchange. 

I would be interested to hear from any Americans about this situation. Surely the IRS is not bothered about me as a non U.S citizen???

thanks

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Can't speak to your specific tax liability, but do keep in mind that exchanges are being leaned on to implement KYC to help combat illicit financing and money laundering in addition to the tax collection angle that you mentioned. I'm not aware of a way around it unfortunately.

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They're obliged by law to conduct KYC checks.   If you don't comply with that request what happens next is entirely up to them but the chances are that they won't want you as a client, for very obvious reasons.   Why don't you just ask them about the consequences of non-compliance then you'll know what to do?

 

The real question is, why would you not comply with their request if you did it previously for the original company?

 

They would not have any interest in disclosing your private financial details to the Thai Revenue Department unless they were told to do so by a court.  Why would they do that without an order?

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My bank just did it again.... not long after another round a year ago. I wouldn't mind but I have had the account with them longer than most of their staff have worked there... that is of no relevance. And questions were rather intrusive. 

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13 hours ago, Liverpool Lou said:

he real question is, why would you not comply with their request if you did it previously for the original company?

I suppose bc I might not use them again. Thus its a complete waste of time. 

 

But I suppose I will kick myself if one day I want to use them to sell and fund back to thai bank account. 

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