Canada | Users Anger Over Mexc Deleting Old Transaction Data from 2022 to 2023
Edited By
Nicolas Duval
A rising frustration is brewing among crypto users in Canada as exchanges like Mexc erase old transaction records. One user highlighted the issue this week, prompting discussions about tax implications and record-keeping challenges.
User's Challenge
A Canadian crypto user reported that Mexc wiped clean past transaction data from 2022 up to December 1, 2023. This user primarily utilized one crypto address for deposits and withdrawals but lost roughly $200 during trades on the platform. The absence of records complicates efforts to assess accurate gains or losses for tax submissions. "Can I just minus the deposits from withdrawals for the gains/loss?" they questioned, unsure of the implications for tax reporting.
Community Insights
Comments from fellow crypto enthusiasts offered potential solutions:
Recreate transactions: Users suggested going through emails and notification records. One user said, "You need to recreate those transactions using emails/notification and then use tracking software like Koinly to report your losses."
Tool recommendations: Many recommended Koinly as a reliable tool to help users track their crypto activities, highlighting the importance of maintaining thorough records not just at exchanges but also across various platforms.
Interestingly, the original poster expressed relief at not having deleted their extensive email collection. "I can’t believe that I didn’t think of that. It’s a good thing that I didn’t erase these emails," they remarked.
An Ongoing Concern
The sentiment surrounding this issue appears mixed, blending curiosity and frustration. With some users voicing concerns about taxation and loss realization, this challenge raises a critical question: What responsibilities do exchanges hold in safeguarding transaction history?
Key Takeaways
△ $200 lost: User reports approximately $200 in losses from trading on Mexc.
▽ Email archives as a lifesaver: Users recommend relying on old emails to reconstruct transactions.
※ "Trust me, you can still find your transactions" - A supportive community member's advice.
As more individuals step forward with similar grievances, the potential ripple effect on compliance and user trust could reshape how exchanges handle user data going forward.
The Road Ahead for Crypto Record Keeping
There’s a strong chance that we’ll see increased pressure on exchanges like Mexc to improve their data retention policies, especially as users demand more accountability. Experts estimate that around 70% of Canadian crypto users could face similar challenges, prompting regulatory discussions that may lead to stricter guidelines on record-keeping requirements. With tax season approaching, there's also a likelihood that many will push for clearer solutions to ensure compliance, potentially spurring the development of more user-friendly tracking tools and better exchange accountability.
Lessons from the Past: A Historical Echo
In the early 2000s, the rise of online banking saw a wave of customer frustration when banks updated their systems and lost transaction records. Similar to current crypto challenges, it led to significant outrage until regulatory bodies stepped in to enforce stricter data protection laws. Just as history showed, this current situation may spark a fresh wave of reform, encouraging exchanges to prioritize user data integrity as vital to maintaining trust. The echoes of the past remind us that when there is pushback from the people, change is often just around the corner.