The world of bitcoin and cryptocurrency is relatively new. In many countries, this makes it difficult to file tax returns correctly. Binance Tax hopes to lend a hand in this regard. Unfortunately, the tool can currently only be used in Canada and France.
Binance customers can download the appropriate data. Consider a document with all profits and losses for this year. For the average bitcoin saver, tax returns are not very complicated. You buy at certain times and save that up. But traders on a crypto exchange like Binance often perform many more operations.
Think trading on spot and futures markets. But also other rewards such as interest rates. At the touch of a button, Binance Tax should conjure up the right data for you. According to Binance, it is a response to many requests from customers.
💻🧾 Crypto News
Binance Tax launched to prepare crypto users for the tax season#Cryptohttps://t.co/6PMY1lVb7i
— Zodiak Connection (@Zodiak_Link) February 6, 2023
So at the moment, the service is only available in Canada and France. This is a trial balloon. But it is likely that other countries will be added to Binance Tax at a later date. Binance itself hopes that their tool can also start being used at other exchanges. To give customers a whole picture this way.
Binance is by far the largest crypto exchange in the world by volume. The trading house has come under fire worldwide for not complying with local rules and guidelines. For example, the exchange was fined more than EUR 3 million by De Nederlandsche Bank (DNB).
