Gate.io is a popular altcoin exchange, offering traders 180 different coins in nearly 400 different cryptocurrency markets. The site also offers advanced trading options like margin trading and liquidity mining.
Gate.io withdrew services from the US market in March 2022 due to regulatory issues. As such, it's unlikely the exchange shares any KYC data with the IRS.
You need to report any gains, losses or income from your Gate.io investments to your tax office, usually as part of your annual tax return. You need to start by calculating your crypto gains, losses and income. You can do this yourself, or use a crypto tax calculator like Koinly and save hours. Koinly does all this for you and generates your crypto tax report, ready to file with your tax office.
Just connect automatically via API, or upload a CSV file. Here’s how.
1. You need to use an APV4 key within Gate.io, not an APIV2 key. For Koinly users who were previously using an APV2 key - you'll need to change to an APV4 key. If you haven't enabled two-factor authentication, skip the step above that mentions it. Just leave the box blank and select ‘show API keys’.
2. It takes a minute for your Gate.io transactions to appear in Koinly. This is normal— it's just Koinly working through the data. If you're having issues with the API method for Gate.io, use the CSV method below instead.
You'll need to start by downloading a CSV file with your full trading history from Gate.io before you can upload it to Koinly - here's how.
1. When you're selecting the date range, make sure to include all your trading history on Gate.io, even if you're only filing for the most recent tax year. This helps Koinly generate an accurate tax report based on all your transactions. For example, many countries allow you to offset losses from previous years against gains from the current year, meaning you're taxed less. But if Koinly doesn't have this information from previous years, it won't be able to calculate this.
2. Also keep in mind that Gate.io limits users to a maximum of 30 CSV file downloads a day.
Don't worry if you're having trouble with your Gate.io data import - there's lots of help available:
Sign up free today to calculate your Gate.io taxes.
Gate.io withdrew services for US residents in March 2022 and many accounts had funds frozen as they did not withdraw their assets by the deadline.
Easy, log in and go to your wallet, then funds overview, then select billing details then all bills. Pick a date range, hit download and you're done.
No. Gate.io withdrew services from the US as it does not meet the regulatory requirements.
No. Gate.io does not operate in the US, so does not issue users with 1099 forms.
Yes - Gate.io has provided Proof of Reserves via a Merkle Tree to their users. Gate.io lets users verify that their deposits are held 1:1 by allowing them to verify their holdings from the Merkle tree and whether these funds are included within the audit conducted through an external third party. For more information about what Proof of Reserves are and why it matters - check out our blog post on it here.
Gate.io is widely regarded as a safe crypto exchange with strong security practices. However, as ever, you should always store your crypto in a secure, offline, non-custodial wallet when you're not actively trading to ensure your crypto is safe.
Gate.io is based in the Cayman Islands. Prior to being rebranded from Bter.com to Gate.io in 2017 following the Chinese's governments ban on fiat-to-crypto trading, the exchange was well known in China, although it's unclear if it was based there.
No. Gate.io withdrew services for US residents, but the exchange remains operational for users around the world otherwise.