Recap has a comprehensive integration with FTX US that makes it easy to manage your crypto tax calculations. Upload your FTX US transactions to Recap to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly automate your taxes.
Disclaimer
The information provided in this content does not endorse FTX US. Furthermore, it does not constitute tax advice. If anything financial or tax-related is unclear, speak to a qualified tax professional. You can also share your Recap account with your accountant or tax adviser directly.
What was FTX US?
FTX US was a US based cryptocurrency exchange founded in 2020 offering spot and leveraged trading products. It fell into bankruptcy in November 2022.
Here's a breakdown of what FTX US offered:
Products FTX US offered
- Cryptocurrency Trading: Facilitated the trading of various cryptocurrencies, including Bitcoin, Ethereum, and numerous altcoins, with a user-friendly interface.
- Derivatives Trading: Provided options for trading cryptocurrency futures and other derivatives.
- Staking Services: Enabled users to stake certain cryptocurrencies to earn rewards.
How to simplify your FTX US crypto taxes with Recap
You can make the process of calculating your taxes stress-free with our crypto tax software. Add your FTX US account transactions to Recap, and our system will classify and value all transactions using our unique fair-market valuation engine and determine your tax liability.
Import Recap CSV How are FTX US Transactions Taxed?
Tax implications on your FTX US transactions differ based on transaction types and your tax jurisdiction. Here are the tax guidelines for the different transaction types on FTX US:
| Transaction type | CGT disposal | CGT acquisition | Income |
|---|---|---|---|
| Deposits | CGT disposal: no. A plain deposit creates no disposal, but a network fee charged on a blockchain deposit is recorded as a separate disposal of the fee asset. FTX US deposits of USD stablecoins (USDC, BUSD, TUSD, HUSD, USDP) are imported as a conversion into USD, which Recap records as a disposal of the stablecoin. | CGT acquisition: no | Income: no. Deposits whose FTX US notes field contains "airdrop", "campaign", "goodwill", "reward" or "prize" are imported as Airdrops instead of deposits; Recap records those as an acquisition, not income. Internal FTX US sub-account transfers (notes containing "transfer from" or "clearing subaccount") and unconfirmed/cancelled deposits are skipped entirely. |
| Withdrawals | CGT disposal: no. A plain withdrawal creates no disposal, but the FTX US withdrawal fee is recorded as a separate disposal of the fee asset (the fee is subtracted from the withdrawn size because FTX US does not deduct it from the amount received). | CGT acquisition: no. Withdrawals of USD stablecoins (USDC, BUSD, TUSD, HUSD, USDP) are imported as a conversion out of USD, so Recap records an acquisition of the stablecoin at its value on the withdrawal date. | Income: no |
| Buying crypto with fiat | CGT disposal: no. The USD side is fiat, which Recap never treats as a chargeable asset, so the buy itself is not a disposal. A trading fee charged in crypto is still recorded as a separate disposal of that fee asset. | CGT acquisition: yes. Recap's default: when fiat is exchanged for crypto the trading fee is added to the acquisition cost of the crypto bought. Configurable: ‘Deduct fees from trades’ (off by default) instead deducts a same-asset fee from the quantity acquired. | Income: no. FTX US can rebate maker fees on some limit orders; Recap imports a negative fill fee as a separate Income transaction for the rebated amount. |
| Crypto to crypto | CGT disposal: yes. Recap's default for HMRC: the trade is valued from the quote currency of the FTX US market. Configurable: the HMRC trade valuation method can be switched to value from the disposed asset instead (the default for portfolios created before 25 May 2022). | CGT acquisition: yes. The asset bought enters the section 104 pool at the same value as the asset disposed of. Trades on FTX US stablecoin-quoted markets (for example USDC pairs) are treated this way too, because Recap classes stablecoins as crypto rather than fiat. | Income: no |
| Selling crypto for fiat | CGT disposal: yes. The crypto sold is disposed of at the value of the USD received; the trading fee is deducted as an allowable cost and, where it is charged in crypto, is also recorded as a disposal of the fee asset. | CGT acquisition: no. USD received is fiat and does not enter a section 104 pool. Note that FTX US markets quoted in USDC or another stablecoin are handled as crypto-to-crypto instead, so those sales do create an acquisition. | Income: no |
| Earning staking rewards | CGT disposal: no | CGT acquisition: yes. The reward also enters the section 104 pool at the same market value used for the income figure. | Income: no. Recap does not raise an income event for these credits automatically, because they are imported as Airdrops rather than staking rewards; a transaction can be recategorised to Income in the app. The one FTX US reward stream that is imported as income is spot-margin lending interest, which Recap rolls up daily into an Income transaction (acquisition plus income at market value). |
This table shows how Recap classifies each transaction type by default. Some treatments — such as the acquisition cost used for airdrops — are configurable in Recap. This is general information, not tax advice; consult a qualified tax professional about your circumstances.
This table shows Recap's default classification for common FTX US transactions. It is not an exhaustive schedule or a ruling. Treatment depends on your circumstances and jurisdiction, and you can recategorise any transaction where yours differ. Confirm your position with a qualified tax adviser.
Refer to our tax guides for a more detailed look at crypto tax rules.
