Tax Agencies
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ByBit
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9 min read
Does Bybit Report to HMRC?
Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze ByBit’s tax reporting policies within United Kingdom. We’ll also break down a simple way to report your ByBit taxes in minutes.
HMRC has requested UK taxpayer information from the largest exchanges operating within the country. While it has not been confirmed whether Bybit has complied with requests of HMRC, other prominent exchanges such as Coinbase have stated that they cooperated by turning over transaction details for users who received more than ÂŁ5,000 worth of crypto on its platform.
HMRC has used data matching to crack down on crypto tax fraud. By using information provided by exchanges like Bybit, HMRC is able to track crypto transactions and identify individuals who have not met their tax obligations.
Yes. In the UK, your transactions on Bybit or other platforms are subject to capital gains tax and ordinary income tax.Â
If you’ve earned or disposed (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to HMRC.Â
For more information, check out our complete UK guide to cryptocurrency taxes.Â
In compliance with the ban on cryptocurrency derivatives by the Financial Conduct Authority (FCA), Bybit decided in March 2023 to discontinue its services to UK customers. As a consequence, UK residents are not permitted to open new accounts or perform trades on Bybit exchange.
Looking for a simple way to report your ByBit taxes? With CoinLedger, you can import your ByBit transactions and auto-generate a complete gains, losses, and income tax report in minutes.
CoinLedger integrates with ByBit and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.
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