A centralized exchange (Coinbase, Kraken, Binance) holds customer assets and reports to the IRS; a decentralized exchange (Uniswap, Curve) is a set of smart contracts with no custodian and no reporting.
Trades on both are taxable the same way. The CEX issues Form 1099-DA; the DEX issues nothing, and the record is the blockchain. Foreign CEX accounts may trigger FBAR reporting when they hold fiat.
The IRS compares CEX reports against returns automatically and reconstructs DEX activity through analytics, so the difference is who does the reporting, not whether it is taxed. Form 1099-DA.
IRS crypto audits and letters, unreported years, theft loss opinions, and returns that survive an audit.
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Definitions are general information, not legal advice, and may not reflect the most recent changes in law.
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