The IRS has not yet released any official guidance on the matter of cryptocurrency and taxes, but that hasn’t stopped people from speculating. There is a lot of confusion out there about whether or not exchanges like Binance will be sending out 1099 forms to their US customers.
The simple answer is that we don’t know for sure. The IRS has been tight-lipped about how they plan to treat cryptocurrency when it comes to taxes, and until they release some official guidance, we won’t know for sure what the rules are.
However, there is some reason to believe that Binance may send out 1099 forms to their US customers. For one thing, Binance is already registered with the Financial Crimes Enforcement Network (FinCEN), which requires them to collect identifying information from their customers.
NOTE: This is not a question that can be answered definitively as different people’s situations may result in different outcomes. It is important to note that Binance US does not provide tax advice and you should consult your own tax advisor before making any decisions regarding your taxes. Additionally, it is important to be aware of the IRS regulations which may require you to report any income earned through cryptocurrency trading. Failure to do so could result in penalties or other consequences.
This information could be used to generate 1099 forms.
Furthermore, Binance has recently taken steps to comply with other US regulations, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) lAWS. Complying with these lAWS would be much easier if Binance were already sending out 1099 forms to their US customers.
Of course, all of this is just speculation at this point. Until the IRS releases some official guidance, we won’t know for sure what the rules are or whether Binance will be sending out 1099 forms.
However, it seems like a pretty good possibility that they will.
8 Related Question Answers Found
Binance, one of the world’s leading cryptocurrency exchanges, does not currently send 1099 forms to its US-based customers. This is because Binance is not considered a US financial institution and is not required to do so. However, this may change in the future if Binance’s operations in the US are subject to greater regulation.
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?
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Binance, one of the world’s largest cryptocurrency exchanges, does not currently give out 1099 forms to its US-based customers. This is likely because the exchange is not required to do so under US law. However, this may change in the future if Binance decides to expand its operations into the US.
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As of September 2019, US citizens are not able to use Binance US. Binance US is a digital asset exchange created by Binance, one of the largest cryptocurrency exchanges in the world. The US-based exchange is not available to residents of New York state.
