Binance releases free tax reporting tool

Binance has launched a tax reporting tool called Binance Tax to aid its Canada and France-based clients in filing their taxes.
Dot
February 6, 2023
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Changpeng Zhao; Photo Source: Ben McShane, Getty Images
“Tax season is a dreaded time of the year for many — especially crypto users. Binance Tax helps you stay up-to-date with your crypto-related tax liabilities, offering a number of tangible benefits.” 

Crypto exchange Binance has launched a tax reporting tool called Binance Tax to aid its users in filing their taxes.

According to its blog post, all transactions performed using Binance’s platforms will be imported to Binance Tax after users sign in to their Binance accounts. Users can then generate their tax reports after Binance Tax calculates their taxes automatically.

Binance Tax allows users to report up to 100,000 transactions. The tool can be used free of charge to provide detailed information on users’ spot trades, crypto donations, and rewards earned from blockchain forks. However, Binance Tax does not support crypto futures and NFTs.



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It is worth noting that Binance Tax can only be used by Binance’s Canada and France-based clients. Binance plans to extend support for users residing in other nations. The exchange also aims to integrate Binance Tax with networks and wallets outside of the Binance ecosystem.

Binance releases free tax reporting tool

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Contents
Changpeng Zhao; Photo Source: Ben McShane, Getty Images
“Tax season is a dreaded time of the year for many — especially crypto users. Binance Tax helps you stay up-to-date with your crypto-related tax liabilities, offering a number of tangible benefits.” 

Crypto exchange Binance has launched a tax reporting tool called Binance Tax to aid its users in filing their taxes.

According to its blog post, all transactions performed using Binance’s platforms will be imported to Binance Tax after users sign in to their Binance accounts. Users can then generate their tax reports after Binance Tax calculates their taxes automatically.

Binance Tax allows users to report up to 100,000 transactions. The tool can be used free of charge to provide detailed information on users’ spot trades, crypto donations, and rewards earned from blockchain forks. However, Binance Tax does not support crypto futures and NFTs.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


It is worth noting that Binance Tax can only be used by Binance’s Canada and France-based clients. Binance plans to extend support for users residing in other nations. The exchange also aims to integrate Binance Tax with networks and wallets outside of the Binance ecosystem.

Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

“Tax season is a dreaded time of the year for many — especially crypto users. Binance Tax helps you stay up-to-date with your crypto-related tax liabilities, offering a number of tangible benefits.” 

Crypto exchange Binance has launched a tax reporting tool called Binance Tax to aid its users in filing their taxes.

According to its blog post, all transactions performed using Binance’s platforms will be imported to Binance Tax after users sign in to their Binance accounts. Users can then generate their tax reports after Binance Tax calculates their taxes automatically.

Binance Tax allows users to report up to 100,000 transactions. The tool can be used free of charge to provide detailed information on users’ spot trades, crypto donations, and rewards earned from blockchain forks. However, Binance Tax does not support crypto futures and NFTs.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


It is worth noting that Binance Tax can only be used by Binance’s Canada and France-based clients. Binance plans to extend support for users residing in other nations. The exchange also aims to integrate Binance Tax with networks and wallets outside of the Binance ecosystem.

Written by
Ayush Pande