Binance Launches Free Tax Tool For Crypto Transactions
Today, Binance is introducing Binance Tax, a brand-new service 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 gains or losses they have made using Binance. Prior to later this year’s global expansion, the software will first be tested in France.
Customers’ demand for an intuitive tool to help them understand their tax burden on the platform led to the creation of Binance Tax. By joining in with their Binance account at https://www.binance.com/en/tax, users may obtain a breakdown of trade activities. After logging in, customers may choose from “Realized Capital Profits,” “Income Gains,” or “Transactions,” which will produce a tax report with a summary of any gains or losses that were made.
Binance Launches Free Tax Tool For Crypto Transactions
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.
Mayur Kamat, head of product at Binance, stated, “We’re continuously looking at how we can design solutions to make our customers’ life simpler and that frequently includes listening to and reacting immediately to user input.” “We’re delighted to introduce this new, free-to-use tax tool to our community, starting in France,” the company stated. “We heard that our customers needed a simpler method to be able to view and understand their taxes.”
Binance plans to introduce the technology in more regions worldwide later this year after the initial experiment in France. The service, which is still under development, intends to give users a better knowledge of transactions made through the Binance platform in order to determine their tax obligations. There are plans to develop this, looking at whether integrations and future developments might be advantageous for this product in the future. The present version does not integrate with other platforms or wallets.