Binance Tax should help people with returns

Last Updated: 6 February 2023

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.

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).

Author
  • Ivan Brightly

    Ivan Brightly is a leading cryptocurrency analyst and author with over 5 years of experience in the blockchain and digital asset space. He previously served as a senior analyst at a major cryptocurrency hedge fund where he led quantitative research and trading strategy development.

    Ivan holds a Master's degree in Finance from the London School of Economics and a Bachelor's in Computer Science from Stanford University. He is frequently invited to speak at fintech and blockchain conferences worldwide on topics spanning cryptocurrency trading, blockchain technology, and the future of digital assets.

    Ivan's commentary has been featured in several major finance and technology publications including Forbes, Bloomberg, and CoinDesk. He is considered one of the most insightful voices analyzing new developments in the cryptocurrency and blockchain industry.

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