If you're holding Bitcoin, Ethereum, or other digital assets on an exchange based outside the U.S. — Binance, a Hong Kong or Singapore-based platform, or an exchange tied to your home country — you may be sitting on a reporting obligation you haven't thought about. Crypto feels borderless, but the IRS and FinCEN don't see it that way. Where your exchange is legally domiciled matters, and getting it wrong can mean penalties that have nothing to do with whether you owed any tax

Cryptocurrency and foreign exchange icons with tax documents — MKHS Tax Group blog on crypto enforcement and foreign reporting If you hold cryptocurrency — especially on a foreign exchange — 2026 is the year the IRS's visibility into your activity changed dramatically. Between new broker reporting rules and an evolving stance on foreign account disclosures, the assumptions many crypto holders have relied on for years no longer hold up. Here's what's actually changed, and what