Binance, Exchanges

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. The exchange is registered with FinCEN and is compliant with KYC/AML regulations.

NOTE: WARNING: Binance US does not report transactions to the IRS. It is the user’s responsibility to report all taxable gains or losses from their cryptocurrency transactions to the IRS. Failure to do so could result in penalties and fines.

However, it is not currently required to report to the IRS.

This could change if Binance US becomes more popular and is used by a larger number of people for trading cryptocurrencies. If this happens, it is possible that US regulators could require the exchange to start reporting to the IRS.

At present, it is unclear whether or not Binance US will be required to report to the IRS in the future. However, it is something that US users of the exchange should be aware of as it could have implications for their taxes.

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