Binance launches tax reporting tool

The exchange Binance recently launched a new tool with which all its clients will be able to carry out tax reports adapted to the needs of their users and complying with the requirements established by the different regulatory bodies.

In recent months, the exchange house has had some discrepancies with the regulatory entities of different countries that are forcing it to take measures to improve the situation. One of the actions taken was the hiring of Jonathan Farnell as Chief Compliance Officer.

Another measure was the launch of the new system for fiscal and tax reports. With this tool, clients of the exchange house can monitor all their assets and ensure compliance with the regulatory requirements established by their country.

However, the company stressed that it does not provide financial or tax advice. Therefore, each user will depend on the legal framework assigned in their territory, but the fact of using or carrying out transactions with cryptocurrencies could mean paying taxes.

The new tool is available, for all clients, on their website, accessing the application in API accounts. The tool has two main uses: transferring the user’s transaction history along with capital gains and losses records. This option facilitates the direct registration of customer information without the need to edit it for presentation to a third party.

It can also be used to obtain a description, in real time, of the local tax obligations of each user. Using the Binance API, the transaction history and records of a financial year can be extracted in order to present it to the regulators of each nation.

M. Rodríguez

Source: bitcoin.es