Tax season is fast approaching in many countries around the world. Depending on local regulations, users should be prepared to declare their crypto activities. However, filing taxes is a process that many may find overwhelming. It is up to companies to guide customers to comply with the law in the easiest way possible. In this context, Binance is launching a tax reporting tool to make it easier for crypto users.
Binance Tax, to facilitate the tax reporting of crypto activities
To prepare crypto users for tax season, Binance offers them a tool based on blockchain technology. The new platform, called Binance Tax, offers an overview of the tax details of different crypto transactions. It allows users to trace the latter with ease in order to have the necessary information for their tax declaration. Binance crypto exchange launched the new tool this February 6, 2023.
Binance Tax provides each user with an accurate tax summary report to download. The document provides information on the gains and losses recorded throughout the year on the user’s Binance account. He takes into account cash transactions, rewards of blockchain fork and crypto donations.
Binance said: “ We created Binance Tax for our users to spend less time worrying about their taxes and instead use it to explore the endless opportunities of Web3 “.
A platform to use for free for your tax declaration
” While other platforms may charge high fees based on the number of trades on your report, Binance offers users access to its advanced tax tool at no additional cost. », has explained the Binance crypto exchange.
Additionally, Binance Tax supports up to 100,000 reportable transactions. The tool can therefore be used by the most productive customers of the Binance ecosystem. Furthermore, the crypto exchange maintains that the new platform is user-friendly and easy to use.
Binance explained that the new tool is only available in Canada and France, for now. He said he is working hard so that he can soon launch the platform in other regions where he is present. Also, the exchange will end up with ” add support for more of your favorite networks and wallets outside of Binance “.
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