Binance announced it is launching a tax reporting tool to help users stay on track of their crypto transactions for tax reporting purposes.
According to the announcement, Binance Tax lets its users download a tax summary report which includes any gains or losses which have occurred throughout the year in their Binance account. This includes spot trades, crypto donations and blockchain-based fork rewards.
Binance Tax is currently in a pilot phase in France and Canada before extending to other global markets in the Binance ecosystem later in the year. Currently, it is only available for information held on the Binance platforms, however, it says it is looking to expand to integrate with other platforms in the industry in the future.
This comes one month after Binance announced its participation in an association to address compliance with global sanctions.
Over the last year global regulators have tightened their grip on the crypto industry, particularly in the aftermath of the FTX crisis that shook the industry.
