USDC to Binance - Auto converts to BUSD

Koinly Support
1

When sending USDC to binance it autoconverts it to BUSD. The conversion transaction is not pulled into Koinly.

Thus, Koinly sees the USDC being sent into a black hole and BUSD appearing out of nowhere.

What I’ve done to rectify the problem is to create a manual transaction depositing USDC and converting to BUSD. But the big issue for me is it becomes a taxable event.

We need a feature in Koinly whereby USDC/USDT/BUSD conversion are not taxable events.

Any advice on these issues will be appreciated

2

Hi @ceds,

Great to see you again and thank you for posting about this! :sparkles:

Very happy to help here! You’ll want to create a manual USDC>BUSD trade transaction prior to the first missing purchase history.

We certainly agree with your feature suggestion and the dev team has it on their roadmap! I don’t yet have an ETA, though if anyone would like to expedite this, please add your support here. :raised_hands:

Thank you, ceds! Have an awesome day!