Crypto Tax Tool Introduced for Binance Users

On Feb. 6, crypto exchange Binance announced it is launching a tax reporting tool to help users stay on track of their crypto transactions for tax reporting purposes.

Why this tax season is extra frustrating?

Confusion and aggravation are even greater when it comes to tax filing.
Meet Binance TaxNew Binance Tax helps users understand their crypto tax liabilities on up to 100,000 Binance transactions — at no extra cost. The new tool helps users access tax details aligning with their crypto activity to help report information during the upcoming tax season.
Binance Tax is currently only available to users based in Canada and France.

According to the announcement, Binance Tax lets its users download a tax summary report which includes any gains or losses which have occurred throughout the year in their Binance account. This includes spot trades, crypto donations, and blockchain-based fork rewards.
The company said this comes as a response to a growing number of inquiries from users about their tax liabilities.

Why Use Binance Tax?

The rules around crypto taxation are constantly evolving around the world. We understand that many of our users, including experienced traders, find filing their taxes challenging and time-consuming because of that. Binance Tax helps you stay up-to-date with your crypto-related tax liabilities, offering a number of tangible benefits.

-Free to use

While other platforms may charge hefty fees based on the number of transactions on your report, Binance offers users access to its advanced tax tool at no additional cost.

-Accurate reporting

Binance Tax provides detailed information on the transactions you make within our ecosystem to help you file your taxes, including but not limited to: spot trades, crypto donations, and even blockchain fork rewards.

Review your Binance transactions in one go on a user-friendly platform instead of manually going through each transaction. We built Binance Tax so our users can spend less time worrying about their taxes, and use it to explore the endless opportunities of Web3 instead.

Binance Tax is currently only available to users based in Canada and France. However, Binance is looking to expand to integrate with other platforms in the industry in the future.