Plain English
FATCA (Foreign Account Tax Compliance Act) requires US persons to report “specified foreign financial assets” on Form 8938 if values exceed thresholds ($50K–$600K depending on filing status and residence). Crypto on foreign exchanges may fall under this regime alongside or instead of FBAR.
How it actually works
Form 8938 attaches to your Form 1040. Thresholds are higher than FBAR but penalties for noncompliance are severe — $10K minimum and potential criminal exposure. FATCA also imposes reporting obligations on foreign financial institutions; many non-US exchanges have closed accounts to US persons in response.
What it means for you
FBAR and FATCA are not interchangeable — you may owe one, both, or neither. The thresholds, forms, and methods differ. For HNW principals with assets across multiple jurisdictions, a CPA who specifically handles cross-border crypto is non-negotiable. The penalties for not filing or filing wrong are vastly worse than the cost of competent advice.
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Educational content only. Not investment, tax, or legal advice.