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Thanks for the reply. I went through your link and it makes sense now. 

As I understand, Foreign Crypto accounts do not currently qualify as foreign financial accounts but crypto held on such exchanges qualify as foreign financial assets under FATCA. 

That's actually pretty interesting as based on this assumption, for 2021 year it appears no FBAR filing is required and only 8938 form. 

Also, it appears I was doing wrong in Turbotax. When I selected "I don't have foreign account" but I also selected "I have Other Foreign Financial Asset", it gave me completely different form: