The world’s largest cryptocurrency exchange has launched a new tool dubbed Binance Tax to enable users to understand their crypto tax liabilities on up to 100,000 transactions.
According to a press release shared with CryptoPotato, the new feature aims to help customers stay up-to-date with their crypto-related tax liabilities.
Binance noted that with the tool, users could download report showing a tax summary of any gains or losses made on the exchange. To generate a downloadable tax report, clients will log into this website, then choose from “Realized Capital Gains,” “Income Gains,” or “Transactions.”
The exchange noted that the feature is still in the early stages of development and “aims to provide a better understanding of transactions from the Binance platform for the purpose of tax liabilities.”
The company added that the feature does not currently cover all transactions within the Binance ecosystem since it is still in its early stage. Furthermore, the current version does not integrate with other platforms or wallets, but there are plans to develop this, according to the release.
The press release further revealed that Binance Tax is only available to users in Canada and France. However, the exchange is working to implement support for more regions, networks, and wallets outside of Binance.
The PR noted that the new feature was launched after a growing response from users to have an “easy-to-use tool” to understand their tax liability on its platform.
“We’re always looking at how we can build products to make our customers’ lives easier and that often means listening and reacting directly to user feedback. We heard that our users wanted an easier way to be able to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community…,” Mayur Kamat, head of product at Binance, said.