Hi lpfaust,
An important topic; thanks for covering it!
A few questions:

1. Kraken's About page (https://www.kraken.com/en-us/about) says they are based in San Francisco. When you wire money to them from the US, you wire it to TN, USA. Are they really considered a foreign account under these circumstances?
2. As for a case where you have an account in an exchange that is indeed foreign, and where you have multiple currencies (USD, and virtual):
   a. Do you report a separate account entry for each currency or aggregate all of them (including the USD) into one sum?
   b. For the USD part I understand that I take the maximum amount during the year, but for the virtual currencies, are they treated as what you referred to in your article as "non-monetary assets"? If so, do I need to aggregate their EOY fair market value plus add any partial withdrawals (with their fair market value at withdrawal time)?
   What could be great, perhaps in a follow-up blog, is taking a specific example of an account in a foreign exchange with a mix of X USD, Y BTC and Z ETH, and some partial withdrawal of a virtual currency (not zeroing the balance of that currency), and showing what one needs to report in that case.

Many thanks for taking the time to respond!