The world's largest cryptocurrency market has launched a new tool called binary tax to allow users to understand their crypto tax obligations on up to 100,000 transactions.
According to a press release shared with CryptoPotato, the new feature aims to help customers stay up-to-date with their crypto-related tax liabilities.
Details of BINANCE Tax
Binance noted that with the tool, users could download a report showing a tax summary of any gains or losses made on the exchange. To generate a downloadable tax report, clients will log into this website, then choose from “Realized Capital Gains,” “Income Gains,” or “Transactions.”
To generate a downloadable tax report, customers will sign in to this website and select between "Realized Capital Gains", "Income Gains" or "Transactions".
The exchange noted that the feature is still in the early stages of development and “aims to provide a better understanding of transactions from the Binance platform for the purpose of tax liabilities.” As well, the current version does not integrate with other platforms or portfolios.
In addition, the current version is not compatible with other platforms or portfolios.
There are plans to develop that, according to the communique. The press release also revealed that the binant tax is only offered to Canadian and French users.
However, the exchange strives to implement support for a greater number of regions, networks and portfolios outside of binary.
The pr noted that the new functionality was launched after an increasing response of users to have a "user-friendly tool" to understand their tax debt on its platform. The RP noted that the new functionality was launched after an increasing response from users to have a "user-friendly tool" to understand their tax obligations on its platform.