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.
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.