While the reporting of tax can be quite stressful, especially for day-to-day traders who have thousands of transactions every year, Binance has come to the aid of crypto users by launching a tax reporting tool called ‘Binance Tax.’
Binance noted in an announcement published earlier today, “Tax season is a dreaded time of the year for many — especially cryptocurrency users. Scouring a spreadsheet and computing all your transactions, gains, and losses throughout the past year can be, well, taxing. For day traders, who normally deal with thousands of transactions yearly, this means putting in extended hours and stress to ensure the accuracy of their filings come tax reporting time.”
Binance Intervenes In Crypto Users Difficult Tax Reporting Process
Launched on February 6, Binance Tax founded by Binance is a tax reporting tool that helps users be up to date with the reporting of their taxes so as to comply with regulations. According to Binance, the tax platform “helps users understand their crypto tax liabilities on thousands of Binance transactions.”
Currently, the Binance Tax platform is still in the early launch phase, therefore its availability is limited. As of now, the platform is only available to Binance users in Canada and France. An expansion to other global markets is expected to happen in the future.
Additionally, given its infant stage, it only supports the reporting of transactions only on Binance. The company said as the platform grows, it will expand to integrate with other financial platforms in the industry.
Citing the company’s announcement, Binance tax comes with several features and benefits which include allowing users to download a tax summary report of any wins or losses experienced throughout the year in their Binance account. Transaction types supported on Binance Tax include spot trades, crypto donations, and blockchain-based fork rewards.
Binance Continuity In Innovation
Speaking of Binance, the company has since been busy with innovation over the past months. Launching and collaborating to birth a fruitful purpose. Last week, the exchange platform launched a feedback tool designed to collect customer feedback in a persistent and dynamic way.
The tool basically provides users with a specific area in which they may leave comments and suggestions on a variety of topics, ranging from ideas about new features to recommendations for the enhancement of existing ones. On February 3, Binance also collaborated with the Hong Kong police department to combat cyber crimes.
While Binance has continued to establish a strong reputation in the industry, the exchange’s native token has also been thriving to catch up. Since the beginning of the year, Binance coin (BNB) has rallied by over 30% after surviving a ubiquitous FUD (fear, uncertainty, doubt) late last year.
BNB has so far broken the $300 zone since last month and it currently trades at $325, looking to tap into the liquidity at the $399 region according to the price chart shown above.