Binance launches API for clients’ tax reporting

The cryptocurrency exchange Binance has launched a new API, allowing clients to track their crypto-asset transactions to comply with tax obligations.

Introducing #Binance Tax Reporting Tool API!

Track crypto activities and connect to third-party tax vendors to streamline reporting requirements.https://t.co/GyHSEVArc1

— Binance (@binance) July 27, 2021

The API Tax Reporting Tool transmits the user’s transaction history, as well as data on capital gains and losses to third-party solutions providers to optimize tax reporting, such as Koinly and BearTax. The latter have read-only access to this information.

The tool retrieves data dynamically and allows statements for a period exceeding one year. Manually, a user can extract information for three months.

To use the new capability, a client must create an API entry in the \”Manage API\” menu. After that, they will receive two keys that must be passed to the application supporting this API.

Each client can create only one API for transmitting tax information.

Binance chief Changpeng Zhao noted that the company is actively hiring senior executives with experience in regulation and compliance.

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.

— CZ 🔶 Binance (@cz_binance) July 27, 2021

«Binance готова сотрудничать с регуляторами по всему миру и вместе искать оптимальный способ создания справедливого рынка — защита прав потребителей важна для всех нас. Мы хотим создать устойчивую экосистему вокруг технологии блокчейн», — написал Чжао.

Earlier, the UK’s Financial Conduct Authority prohibited Binance Markets Limited from any regulated activity in the country without prior written approval.

The Cayman Islands began a review of the exchange’s operations, Thailand and Hong Kong accused the company of unlicensed activity, and Japan issued another warning.

Polish regulators urged caution when using Binance’s services. Italy and Malta warned consumers about the company’s unregulated activities.

Against the backdrop of regulatory pressure Zhao published a letter detailing the exchange’s plans for protecting customers and ensuring compliance.

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