What are the penalties for not filing FBAR for cryptocurrency holdings in 2023?

3 answers

• Dec 18, 2021 · 3 years ago
  Not filing FBAR for your cryptocurrency holdings in 2023 can have serious consequences. The penalties can include hefty fines, criminal charges, and even imprisonment. It is important to comply with the FBAR requirements to avoid these penalties.
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• Dec 18, 2021 · 3 years ago
  If you fail to file FBAR for your cryptocurrency holdings in 2023, you may be subject to penalties imposed by the Financial Crimes Enforcement Network (FinCEN). These penalties can range from civil penalties, which can be as high as $100,000 or 50% of the account balance, to criminal penalties, which can result in imprisonment for up to 10 years.
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• Dec 18, 2021 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, not filing FBAR for your cryptocurrency holdings in 2023 can lead to severe penalties. The penalties can include fines, asset forfeiture, and even criminal charges. It is crucial to stay compliant with the FBAR requirements to avoid these consequences.
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