Binance will be launching the Tax Reporting Tool at 2021-07-28 04:00 AM (UTC), a new API tool to allow Binance users to easily keep track of their crypto activities in order to ensure they are fulfilling the reporting requirements laid out by their regulatory bodies. Users can access the Tax Reporting Tool via “Account” > “API Management'' on both Binance Website and Binance App.
The Tax Reporting Tool allows users to:
- Transfer read-only user transaction history and records of capital gains and losses on Binance to third-party tax vendor tools
- Get a real-time overview of their local tax liabilities by integrating third-party tax vendor tools via the Tax Reporting Tool, where the API import function will dynamically pull transaction history and records of more than 1 financial year to file taxes.
Disclaimer: Binance does not provide tax or financial advice. Depending on the country's tax framework, when you trade commodities and the event produces capital gains (or losses), you may have to pay taxes. The regulatory framework for taxation of cryptocurrencies differs from country to country, hence we strongly advise you to contact your personal tax advisor for further information about your personal tax circumstances. It is your personal responsibility to select the correct tax jurisdiction that applies to you. By using this tool you hereby acknowledge that Binance is not marketing or soliciting you to trade but providing you with a tool for your own personal use and for your convenience.
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Binance will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.