Here are answers to some common questions about migrating your funds from the Blockchain.com Exchange to the Trading Account.
1. Where do I find the migration feature? The migration feature is only available inside the Trading Account (both web and mobile apps). It is not available on the Exchange website. Log in to your Wallet to see the "Transfer funds" banner.
2. Can I migrate my fiat funds (e.g., USD, EUR, GBP)? Yes. The migration feature is designed to move all your assets, including both your cryptocurrency and fiat balances, from the Exchange to your Trading Account in one simple action.
3. Do I need to create a new account? No. If you have a Trading Account linked to your Exchange account, you will use your existing login credentials. There is no need to create a new account.
4. What if I have an Exchange account but no Trading Account You will need to set up a new Blockchain.com Wallet to transfer your funds. Simply sign up for a new Wallet using the a new email address associated with your Exchange account. Once you finalise the verification process you can transfer your crypto. For more details, check this article, or contact our support team for assistance.
5. Is migrating my funds from the Exchange to the Wallet a taxable event? No. This migration is considered an internal transfer of funds between accounts you own. It is not a trade or a disposal of assets, so it is generally not considered a taxable event.
6. How is converting my migrated fiat balance to USDT treated for tax purposes? The act of converting a fiat currency (like USD) to a stablecoin (like USDT) is not typically a taxable event in itself, as there is no capital gain or loss. However, if you later sell that USDT for a fiat currency at a different value, any realized profit or loss may be subject to taxation depending on your jurisdiction's regulations.
7. Does the Travel Rule apply to this migration? No. The Travel Rule applies to transfers of assets between different financial institutions (VASPs). As this is an internal transfer within the Blockchain.com ecosystem, it is not affected by the Travel Rule.
8. What happens if I don't migrate my funds by October 19th? Trading on the Blockchain.com Exchange will be suspended on October 19th. You will lose the ability to trade on that platform. If you however choose to keep your funds on the Exchange, rest assured they are secure and always accessible