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Can the IRS see or seize my crypto on a foreign exchange?

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by COINS NEWS 37 Views

I am US citizen, but I hold all of my crypto on NEXO, which is a foreign exchange and is also soon leaving the US entirely.

I’m wondering if when I file my taxes next year the IRS will be able to see the value of my crypto holdings as well as possibly even seize my crypto from my exchange.

Is that possible for them to do? Is there any way for me to prevent that from happening?

I fully intend to report my holdings, but I just don’t want the IRS to take my crypto during a crucial time like this and I could potentially lose out on massive future moves.

The NEXO support team so that no one can ever take my holdings, but I’m not sure how that applies to the US government.

Also should I just start using Bitcoin ATMs in order to stay fully anonymous? Not sure of the benefits and risks there.

Any help or advice would be greatly appreciated, because I am not interested in the IRS taking over $50k of my Bitcoin.

submitted by /u/ausheat
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