On November 2nd, 2019 Huobi, the Singapore-based Cryptocurrency Exchange, announced that they will freeze all accounts of its US based users on November 13th. You should move your crypto assets before then and also download your transaction history for record keeping and crypto tax filing.
You can create a Huobi US account or transfer your assets to another exchange or wallet. Huobi explains that their User Agreement prohibits US based users from creating accounts and using the platform. Huobi was gradually disabling all accounts owned by users from the US, and plans on finishing this process on November 13th when all remaining US accounts will be frozen.
HBUS - “Huobi for the United States”
As a US based client, you should withdraw all of your coins in Huobi accounts before you lose access.
To do this:
- Withdraw all your assets from the exchange before the Nov 13, 2019
- Contact Huobi’s support to convert all residual assets below the minimum withdrawal amount and unused Point Cards, to BTC/USDT (conversion base token) before withdrawing.
- Or you can transfer your assets to HBUS, a newly announced U.S. virtual currency trading platform operated by HBUS Holdco Inc. ("HBUS"), a strategic partner of Huobi Global based in San Francisco.
How to Prepare From a Tax Perspective
US based customers might not have access to their Huobi accounts after November 13th, 2019. So in order to prepare for the approaching tax season, we advise you pull all of your transaction history files from the exchange to keep for your records and upload into ZenLedger.
Here Are Some Quick Instructions:
- Open ZenLedger and click on “Import Transactions”, once on this page in the “Exchange” tab, you will find Huobi listed. Select Huobi and you will be asked to import with API at which time you should: Login into your Huobi account and navigate to the API page (https://huobi.pro)
- Enter your Huobi API Key and your Secret into the ZenLedger fields and click on the green “Import Transactions” button to finish importing Huobi transaction data!
If you have any questions or need any additional help please contact firstname.lastname@example.org or use the chat in the app.
ZenLedger simplifies the tax reporting process for digital currencies by importing transactions and automatically making these time-consuming calculations. You can even auto-fill popular IRS forms and determine if it’s tax advantageous to sell existing digital currencies to realize the tax loss and minimize tax exposure — known as tax loss harvesting.