Global cryptocurrency exchange Binance unveils a new crypto tax calculator “Binance Tax,” initially for users based in Canada and France, soon to be launched worldwide.
According to the statement, customers have the ability to input their Binance transactions into the tax calculator and acquire a simple but comprehensive estimate of their tax responsibilities according on the jurisdiction in which they operate.
“Binance Tax is currently in the early launch phase, and as a result, its algorithm does not yet cover all of the many sorts of transactions that take place inside our enormous ecosystem.” The notice suggests that users of Binance should make the appropriate adjustments to their final tax return.
Users of Binance do not need to pay any extra fees in order to utilize the sophisticated tax tool it offers. This technology, which allows for up to 100,000 reportable transactions, may be used by even the most active users of the Binance platform.
Binance Tax provides precise information on the transactions that users carry out, such as spot trades, cryptocurrency contributions, and even incentives for blockchain forks, in order to aid users in the process of submitting their taxes.
Binance says that it developed Binance Tax so that its customers “may spend less time worrying about their taxes and instead utilize it to explore the boundless prospects of Web3.”
However, some Binance products, like as Futures and NFT, are not supported by Binance Tax at this time.
Compiled by Coinbold