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Binance has launched Binance Tax to help users understand their crypto tax liabilities on up to 100,000 Binance transactions. While users can avail of the benefits of the latest Binance service for free, it is currently only available to users based in Canada and France.
How Will Binance Tax Help Users?
The rules around crypto taxation are constantly evolving around the world. Thus, users, regardless of their experience as traders, find filing their taxes challenging and time-consuming. To that end, the latest Binance feature can help people stay up-to-date with their crypto-related tax liabilities, offering a number of tangible benefits.
Binance Tax allows users to import their Binance transactions into their calculator and obtain a simple yet comprehensive estimate of their tax obligations depending on their jurisdiction. However, it is worth noting that it is still in an early launch phase, and as such, its algorithm does not yet cover all the types of transactions within Binance's vast ecosystem.
Available in Canada and France
At this time, only Binance users based in Canada and France can use Binance Tax. However, the exchanged has assured its users residing elsewhere that it is working hard to implement support for more regions, as well as to add support for more of their favorite networks and wallets outside of Binance.
Binance Tax claimed to provide detailed information on the transactions users make within their ecosystem to help them file their taxes, including but not limited to: spot trades, crypto donations, and even blockchain fork rewards. Users must note that some transaction types are still in the process of being implemented into Binance Tax.