Binance, Exchanges

Does Binance US Issue Tax Documents?

Binance US is a digital asset exchange offering cryptocurrency trading services to users in the United States. The exchange is operated by Binance Ltd., a company based in Malta.

Binance US is a separate entity from Binance Ltd., and is not subject to the same regulatory oversight.

Binance US does not issue tax documents. However, users of the exchange are responsible for reporting their capital gains and losses to the IRS.

NOTE: WARNING: Binance US does not provide any tax documents or advice related to your cryptocurrency transactions. It is your responsibility to determine the tax implications of your investment activities, including keeping track of transactions and filing appropriate tax documents with the relevant authorities. You should consult with a qualified tax professional for any questions related to your taxes.

The exchange provides users with a trade history report that can be used to calculate capital gains and losses.

Capital gains and losses are taxed at different rates depending on the holding period. Short-term capital gains, which are gains on assets held for less than one year, are taxed at the same rate as ordinary income.

Long-term capital gains, which are gains on assets held for more than one year, are taxed at a lower rate.

Binance US users should consult with a tax advisor to determine how their gains and losses will be taxed.

1 Related Question Answer Found

Does Binance US Report to the IRS?

Binance US, the American arm of the world’s largest cryptocurrency exchange, does not currently report to the IRS. However, this could change in the future if the exchange is required to do so by US regulators. Binance US is a relatively new exchange, having only launched in September of 2019.
Previous ArticleNext Article