Global cryptocurrency exchange Binance unveils a new crypto tax calculator “Binance Tax,” initially for users based in Canada and France, soon to be launched worldwide.
According to the announcement, users can import their Binance transactions into the tax calculator and obtain a simple yet comprehensive estimate of their tax obligations depending on their jurisdiction.
“Binance Tax is still in an early launch phase, and as such, its algorithm does not yet cover all the types of transactions within our vast ecosystem. Binance users should adjust accordingly in their final tax report,” the announcement notes.
Binance users can use its advanced tax tool without paying any additional fees. Even the most active members of Binance can use this tool, which enables up to 100,000 reportable transactions.
To assist in filing the taxes, Binance Tax offers detailed data on the transactions users carry out, including spot trades, crypto donations, and even incentives for blockchain forks.
Binance states “We built Binance Tax so our users can spend less time worrying about their taxes, and use it to explore the endless opportunities of Web3 instead.”
However, Binance Tax does not support certain Binance products such as Futures and NFT.
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