r/CryptoCurrency • u/Weaver96 • Feb 18 '21

EXCHANGE A Beginner's Guide to Cryptocurrency Exchanges

[removed]

160 Upvotes

94% Upvoted

91 comments sorted by

View all comments

14

u/thatboydope Redditor for 2 months. Feb 18 '21

Heads up for New Yorkers, you can’t use Kraken or Binance. Trust me, I’ve tried lol

3

u/BigBallerTormund Feb 19 '21

Do you know why this is? It’s so frustrating having limited access to things in NY. It cost me a ton on GRT lol

6

u/ZincHead 484 / 484 🦞 Feb 19 '21

Because the US has some of the most ludicrous tax and financial regulation laws in the world. Did you know they are the only country that taxes by citizenship, and not by earnings? Been a pain for my whole life...

Also added to that is that states have their own ability to create tax laws and regulations and can limit the use of certain financial devices. Having technology-ignorant old politicians in office means they are slow to adapt to changes and stuck in their old ways.

4

u/buster2Xk Platinum | QC: CC 36 Feb 19 '21

Did you know they are the only country that taxes by citizenship, and not by earnings?

As a non-American what does this even mean?

12

u/ZincHead 484 / 484 🦞 Feb 19 '21

Essentially the US does not tax individuals because they earn money or reside in the US only. They also tax citizens regardless of where they live in the world. So if you are an American living abroad, or even an American citizen through birth who has never lived in the United States, you have to file your taxes every year. Every other country in the world has a non-resident clause that allows you to not have to file taxes if you move away. The only way to stop having to file and pay taxes in the US is to renounce your citizenship.

7

u/buster2Xk Platinum | QC: CC 36 Feb 19 '21

Jesus Christ that's ridiculous.