How to handle Tether (USDT) trades on Bitfinex

DISCLAIMER

As in our terms of use, Cryptact has no responsibility on the following message. If you have any questions, please reach out your tax accountant.

 

Action request for those who traded in USD in Bitfinex

If you have traded USD-counter pair (such as BTCUSD) in bitfinex between 2017/3/29 and 2018/11/27 14:30 UTC, please do the followings:

  • Delete bitfinex data, and upload all your bitfinex trades again.
  • Please enter a custom trade of selling USDT and buying USD on 2018/11/27 14:30 UTC, whose amount is equal to the USD amount in Bitfinex at that time.

 

Background

Bitfinex paused fiat deposit and withdrawal between 2017/3/29 and 2018/11/27. During that time, your USDT deposit to bitfinex appeared as USD in bitfinex so that the market considered USD-counter trades in Bitfinex as USDT-counter trades. Cryptact followed that, and treated USD trades (such as BTCUSD) as USDT trades (such as BTCUSDT).

Bitfinex, however, announced that they restart fiat deposit and withdrawal, and USD amount in Bitfinex is available for withdrawal as USD.

By following this announcement, Cryptact will stop the symbol conversion from USD to USDT for Bitfinex going forward. To keep consistency of USDT amount in your ledger, please enter the custom trade in the section above.