Binance Reveals New Tax Calculator
World’s largest cryptocurrency exchange Binance has released a new tool that will help users determine tax liabilities associated with their transactions.
Governments are becoming increasingly concerned about tax evasion in the crypto industry. Binance is well known for its correspondence with regulators and other authorities. This new tool is a perfect example of how this crypto giant complies with all rules that a global financial structure should follow.
The new free feature allows reports of up to one hundred thousand transactions. Currently, it is only accessible to customers in Canada and France, but the plans are to expand it to include all other locations where the company offers its services.
Taxes can get complicated, especially in crypto.
To help, we’ve added a new tool called #Binance Tax.
Launching initially in France, with plans to introduce it to other regions, Binance Tax allows users to better understand the taxes they owe.https://t.co/r4ffSew8R3
— Binance (@binance) February 6, 2023
As crypto trading has complexities, such tools help the platform’s users assess their profits and losses during the year and eliminate the need for manual labor and the time for ensuring accurate computation.
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The product, however, is still in its early stages of development, and users are required to make specific modifications.
Binance Tax offers a one-click solution that helps users with a simple but thorough estimate of one’s tax liability based on the jurisdiction.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
