Binance launches tax calculator for crypto trading

The cryptocurrency exchange Binance has unveiled a free service for calculating taxes and preparing tax reports — Binance Tax.

Taxes can get complicated, especially in crypto.

To help, we’ve added a new tool called #Binance Tax.

Launching initially in France, with plans to introduce it to other regions, Binance Tax allows users to better understand the taxes they owe.https://t.co/r4ffSew8R3

— Binance (@binance) February 6, 2023

According to the statement, the platform allows users to import their exchange transactions into the calculator in one click to estimate potential tax liabilities.

The company noted that Binance Tax is in an early stage of rollout and does not yet support all types of transactions. Trades involving a number of products such as futures and NFTs are not yet supported. The team acknowledged that as a result, users will have to manually adjust their tax returns in the near term.

Binance Tax, at no additional cost, allows up to 100,000 transactions to be uploaded to the calculator. According to the developers, this amount is enough “even for fairly active traders.”

Initially the service is available to exchange clients in Canada and France. The team said it is “working to extend support to a larger number of regions, networks and wallets.”

We created Binance Tax so that our users can spend less time worrying about taxes, and instead use it to explore the boundless possibilities Web3, — the statement said.

According to a survey, more than 88% of Binance customers plan to continue investing in cryptocurrencies in 2023.