Binance is launching Binance Tax, a new tool that enables users to easily access details of the tax associated with their crypto trading activity. Binance Tax allows users to download a report showing a tax summary from any gains or losses made with Binance. The software will pilot in France before expanding to other markets globally later this year.
Binance Tax was designed after a growing response from customers to have an easy-to-use tool to understand their tax liability on the platform. Users can access a breakdown of trading activity by logging into https://www.binance.com/en/tax with their Binance account. Once logged in, users can select from ‘Realized Capital Gains’, ‘Income Gains’ or ‘Transactions’ and then this will then generate a downloadable tax report, with a summary of any gains or losses.
The new tool will be free for Binance.com users and will include details specific to the customer’s location to make it easier for people to access their tax information that may need to be included in returns.
“We’re always looking at how we can build products to make our customers' lives easier and that often means listening and reacting directly to user feedback,” said Mayur Kamat, head of product at Binance. “We heard that our users wanted an easier way to be able to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community, starting in France.”
Following the initial pilot in France, Binance will look to launch the tool in other markets around the world later this year. The feature is in the first stages of development and aims to provide a better understanding of transactions from the Binance platform for the purpose of tax liabilities. The current version doesn’t integrate with other platforms or wallets but there will be plans to develop this, looking at which integrations and future improvements would be beneficial in the future for this product.
For more information about the feature, you find out more here.