Cryptocurrency exchange Binance has just announced the launch of Binance Tax, a new tool that has been specially designed to enable users to easily access details of the tax associated with their crypto trading activity.
According to the press release, thanks to the tool, users will be able to download a report showing a tax summary from any gains or losses made with the crypto exchange.
The company has reported that the tool will firstly pilot in France and will then be expanded to other markets later this year.
In order to access all the information about their transactions, users can logging into https://www.binance.com/en/tax with their Binance account. Once they are logged in, users can select from ‘Realized Capital Gains’, ‘Income Gains’ or ‘Transactions’ and then this will then generate a downloadable tax report, with a summary of any gains or losses.
Mayur Kamat, head of product at Binance, has said:
“We’re always looking at how we can build products to make our customers’ lives easier and that often means listening and reacting directly to user feedback. We heard that our users wanted an easier way to be able to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community, starting in France.”