Binance launches Binance Tax
It is a free tool for calculating taxes and for now it is only available in France, with the expectation of extending it to other countries soon. Since filing taxes can be an unclear and time-consuming process for many users, Binance has made this service available to better understand your crypto tax liabilities on up to 100,000 Binance transactions, at no additional cost.
With a simple click, you can import all the transactions made on Binance into a calculator and get an estimate of your tax obligations depending on the country in which you reside. To access the service just click here and follow the instructions. However, note that it does not support some Binance products, such as futures and NFTs. However, I recommend that you have your tax advisor make exact estimates of your tax obligations. Binance also announced today that it will be temporarily suspending all USD bank transfers.
Only a small fraction of users will be penalized by this measure and all other methods of buying/selling crypto will remain unchanged. A few days ago Binance already sent an email to its customers who have USD accounts to warn them that SWIFT transfers of less than $100,000 would no longer be processed from February 1st, 2023.
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