Plain English
FBAR (FinCEN Form 114) requires US persons to report foreign financial accounts if total combined value exceeded $10K at any point during the year. As of 2026, FinCEN has signaled intent to extend FBAR to foreign digital asset accounts; final rules have been delayed multiple times. Many tax professionals already advise filing protectively.
How it actually works
Filing happens electronically through the FinCEN BSA E-Filing system, due April 15 (auto-extension to October 15). Penalty for willful failure: greater of $100K or 50% of account balance. The question on Schedule B and the digital-asset question on Form 1040 are also annual touchpoints — answer them truthfully whether or not FBAR is required.
What it means for you
If you hold crypto on a non-US exchange (Binance non-US, Bitget, Bybit, OKX), or in a non-US wallet provider where you do not control keys, file FBAR protectively if total value exceeded $10K at any moment in the year. Self-custody where you control keys is debated; the conservative answer is to file. Get a CPA familiar with crypto and FBAR — generic preparers routinely miss this.
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Educational content only. Not investment, tax, or legal advice.