If you’re a US-based crypto trader, you probably know that any crypto exchange you use will send you a 1099 form come tax season. But what if you’re using the world’s largest crypto exchange, Binance? Do you still get a 1099?
The answer is yes, you do still get a 1099 from Binance if you’re a US-based customer. This is because the IRS views any crypto exchange as a potential money transmitter, and thus subject to the same regulations.
NOTE: This is a warning that you should not rely on receiving a 1099 form from Binance US. It is possible that you may not receive a 1099 form from Binance US, or that the information contained in the form may be inaccurate or incomplete. It is your responsibility to make sure that you are properly reporting your income to the Internal Revenue Service (IRS). If you have any questions, please contact the IRS or seek professional advice.
That means that any US-based exchange must comply with KYC/AML regulations and report any suspicious activity to the authorities.
So if you’re using Binance to trade cryptocurrencies, you can expect to receive a 1099 form from them come tax time. Make sure to keep track of all your trades throughout the year so that you can properly report them come tax time.
And as always, consult with a tax professional if you have any questions about how to properly report your crypto trading activity.
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It’s no secret that Binance is one of the most popular cryptocurrency exchanges on the market. However, what many people don’t know is that you can actually buy Rune on Binance US! In this article, we’ll show you how to do just that.
Binance US, the American dollar-denominated arm of the world’s largest cryptocurrency exchange by volume, has selected Prime Trust LLC as its exclusive provider of custodial services. This is a big deal because it’s the first time that Binance, which is headquartered in Malta but has offices all over the world, has chosen to work with a US-based partner for its custodial needs. Up until now, Binance has used partners like Coinbase and Xapo for its custodial services.
Binance US is a digital asset exchange platform. The platform allows users to buy, sell, and trade digital assets such as Bitcoin, Ethereum, Litecoin, and more. The platform is designed for both individual and institutional investors.
If you’re looking to cash in on the recent wave of Bitcoin and cryptocurrency mania, you’re going to need to find a good exchange. Binance is one of the most popular exchanges in the world, and it offers a variety of features that make it a good choice for those looking to buy, sell, or trade cryptocurrencies. However, one thing that Binance doesn’t offer is the ability to convert your fiat currency into cryptocurrency.
