Today, Binance is introducing Binance Tax, a brand-new tool that gives customers quick access to information on the tax related to their cryptocurrency trading activity. Users of Binance Tax are able to get a report that includes a tax summary of any profits or losses they have made using Binance. Prior to later this year’s worldwide expansion, the software will first be tested in France.
Customers’ need for an intuitive tool to help them understand their tax burden on the platform led to the creation of Binance Tax. By logging in with their Binance account at https://www.binance.com/en/tax, users may obtain in-depth details of trade activities. After logging in, customers may choose from “Realized Capital Gains,” “Income Gains,” or “Transactions,” which will produce a tax report with a summary of any gains or losses that were made.
In order to make it simpler for consumers to obtain their tax information that may need to be included in returns, the new tool will be free for Binance.com customers and will provide information unique to the customer’s region.
“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.”
Binance plans to provide the feature in more regions worldwide later this year after the first trial in France. The service, which is still under development, intends to provide users with a better knowledge of transactions made via the Binance platform in order to determine their tax obligations.
Although there are plans to enhance this and determine whether future changes and platform integrations might be advantageous for this product, the present version does not yet integrate with other platforms or wallets.
You may find out more about the feature by visiting here.