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Binance introduces a tax reporting tool
The largest cryptocurrency exchange, Binance, has added a new feature to its website — the Tax Reporting Tool API. It allows creating account statements with transaction history, which can be used for reporting to tax authorities. How to use this tool, and how online poker players can benefit from it? We will analyze this in this article.
How to create account statements?
Creating an account statement with all the information about the movement of funds (fees, interests, deposits, withdrawals, etc.) on the Binance account is simple. You only need to:
- Log in to your account
- Click on Wallet > Fiat and Spot
- Click on Transaction History on the left menu
- Click on "Generate All Statements" on the top right
- In the new pop-up window, choose the range of time, account, coin, and click on Generate
When the file is ready, the user gets a notification via SMS. You can request up to 4 reports per month with data no older than 3 months, and the stored documents must be download within 7 days.
Besides the manual report, players can also use crypto tax services such as Koinly or BearTax. To do this, visit the API Management section under the profile and follow the instructions of your tax reports tool.
Attention! Be careful when manually handling the file sent by Binance, especially if you use MS Excel, as we have found the punctuation of numbers can be confusing.
Why Binance launched a tax reporting tool?
Changpeng Zhao, Binance CEO, explained on his Twitter account the reason for this development:
More to come. Stay tuned. Binance is ready to assist regulators from around the world and together find the optimal way to set a fair playing field - consumer protection is important to all of us. We want to create a sustainable ecosystem around blockchain technology.
Experts agree that the launch of the tax reporting tool is part of a new policy to improve user protection and risk management protocols. Recently Binance also reduced the transfer limits for unverified accounts. Let's recall that recently several countries like the United Kingdom or Thailand "attacked" Binance, asking them to fulfill the law.
Why do poker players need this service?
As we wrote recently, poker players have always been interested in the cryptocurrency market. Even if living in countries where cryptos are not properly taxed, handling deposits and withdrawals via BTC or USDT has become the rule in sites like PPPoker, GGPoker, or Bitcoin-friendly poker sites, hence sometimes it's needed to report profits or interests earned to the local tax authority, in which cases the tax reporting tool becomes handy.
Of course, using the new features of the exchange is optional, but those needing to clarify their income and pay taxes can automate the process via the new API.
If you have any questions about cryptos and poker, reach our manager Anton to get advice: