Business

Binance introduces Binance Tax for calculating taxes on transactions

February 7, 2023

Binance Tax allows users to calculate taxes on up to 100,000 transactions.
The service is currently available to users in Canada and France.
Binance wants the tool to help its users keep up with their tax obligations.

Binance Tax is now available to users in France and Canada

Binance, the world’s leading cryptocurrency exchange by trading volume, announced on Monday, February 6th, that its Binance Tax tool is now available to its users in France and Canada.

In its blog post, Binance explained that the new tool is designed to help users calculate the tax obligations on their crypto transactions. This latest cryptocurrency news comes as more governments around the world look to ensure they don’t miss out on revenue from the crypto industry.

While explaining the tool, Binance wrote that;

“In one click, you can now import your Binance transactions into our calculator and obtain a simple yet comprehensive estimate of your tax obligations depending on your jurisdiction.

Binance Tax is still in an early launch phase, and as such, its algorithm does not yet cover all the types of transactions within our vast ecosystem. Binance users should adjust accordingly in their final tax report.”

Binance Tax can report up to 100,000 transactions

The world’s largest cryptocurrency exchange added that the Binance Tax tool is free for its users in Canada and France to use. The tool supports up to reportable 100,000 transactions, ensuring that most users will capture their cryptocurrency transactions on Binance during a select period.

However, Binance explained that the product is still in its early stage and might not support some products.

The crypto exchange added that Binance Tax provides detailed information on the transactions users make on its platform. The information helps users file their taxes, including but not limited to: spot trades, crypto donations, and even blockchain fork rewards.

While the tool is only available to users in Canada and France at the moment, Binance could roll it out to its users in the United States and other parts of the world in the coming months or years.