Hotbit announced it was halting operations on May 22 and urged users to withdraw their funds before June 21, 2023. As well as withdrawing your funds, we recommend you export CSV files of your Hotbit transaction history as soon as possible to ensure you can file your taxes correctly.
Crypto tax varies depending on where you live and your tax office's take on it. This said, in general two kinds of tax may apply to your Hotbit transactions - Income Tax and Capital Gains Tax.
No. Hotbit does not issue tax documents for users, instead, you'll need to get your Hotbit transaction history to calculate your taxes. You can do this yourself, or use a crypto tax app like Koinly to calculate your taxes and generate your tax report for you.
Using Koinly, you can get your Hotbit taxes done in no time at all. All you need is a CSV file of your Hotbit transaction history.
Once you have your Hotbit CSV file, just upload it to Koinly and Koinly becomes the ultimate Hotbit tax tool. Koinly calculates your Hotbit taxes based on your location and generates a variety of crypto tax reports, so you can file with your tax office in no time at all.
Good to know
Your Hotbit export will not include your withdrawals and deposits. You'll need to add these transactions manually to Koinly.
Hotbit doesn't require KYC for the majority of users, only users identified as high risk, like if they need to reset their 2FA settings. As such, it's unlikely Hotbit is reporting to the IRS or any other tax offices. This said, as a large centralized exchange, Hotbit is undoubtedly facing pressure to improve KYC processes in order to ensure tax compliance, so this could change quickly.
If you're having trouble connecting Hotbit and Koinly, these resources will help: