FTX "USD" stable coin

[laughinman1]

cryptotaxcalculator.io already recognises the basket of US stablecoins on FTX Pro

For example:
When there’s a deposit of 100 BUSD, cryptotaxcalculator.io shows:
Incoming 100 BUSD
Sell 100 BUSD (into USD)

Currently, I have to create that transaction manually in Koinly which doesn’t really make my crypto taxes easier or simpler

[OwO]

How is everyone dealing with this? I don’t understand how not more people are not having issues with this as Id assume many people are using FTX.

When using the API, I have transactions incorrectly classified as USD vs USDC - so I end up with a large negative balance / positive balance.

Given you can’t edit the API transaction, is everyone just doing a manual transaction to correct it? Seems ridiculous.

[Michael_Koinly]

Hi @laughinman1, and @OwO

My apologies for being late to respond.

There are two underlying reasons for this issue:

• FTX does not differentiate between stablecoins other than USDT and changes them to USD automatically.
• When withdrawing/trading, you can use any stablecoin, and FTX will automatically convert USD to the coin of your choice - but it will not report this conversion anywhere.

This usually means that you have an incorrect, excess balance of USD, and lack other stablecoins (ie. BUSD).

This needs to be fixed manually: when withdrawing BUSD, you need to create a manual transaction USD > BUSD for the same amount (see how to add transactions manually).

Thank you again for your patience, and have an awesome day!

[JT_Mon3y]

Are you guys working on a fix for this? It says that you guys are a partner company of FTX yet this is a major issue for us. Doing this manual method makes the API useless and also makes a TON of extra work for those of us who have alot of transactions.

[Riccardo_C]

Really disappointed lika a lot of other clients.
Please fix it as soon as possible

[Michael_Koinly]

Hi @JT_Mon3y and @Riccardo_C,

Thank you both for shining a light here, so we can keep regular updates. The dev team does have this on their list, and so many people are more than ready for it.

I don’t have an ETA at this time, though when word comes through I’ll update this space with the green light. We’ll also make announcements through socials.

Thank you all for your continued patience. Have a stellar week!

[ceds]

This is indeed a HUGE problem. I had to manually change every single FTX transaction.

The problem with doing a manual conversion from USDC - USD is Koinly calculate capital gains in my currency. This is incorrect as it is not a trade.

Koinly needs to see all USD-related coins as USD. Going from USD - USDT - USDC is not a trade.