Binance exchange has just launched a Tax reporting tool that will help its customers manage their taxes in a more efficient way.
Binance is among the leading cryptocurrency exchanges in the world and is known for providing unparalleled services. When it comes to advanced features and handy tools, Binance is second to none.
The latest addition to Binance’s arsenal is the Tax reporting tool which will help users keep track of their transaction history and local tax liabilities associated with it. It is available in the form of an Application programming interface (API) and offers several benefits.
Features like these are what makes Binance exchange and ideal platform for most type of traders. If Binance is inaccessible for you or does not meet your needs, you can also sign-up on Swissborg and Kraken (ideal for U.S citizens) and buy crypto instantly.
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How Will the Tax Reporting Tool Help?
Calculating taxes has always been challenging in the crypto space, as many crypto traders and holders struggle with it.
With the help of the Binance Tax reporting tool, users will now be able to track their transactions better and can share their data directly with third parties. This will allow users to get an instant overview of their local tax liabilities and make the process easier.
The introduction of this API will not only enhance the user experience but will also improve Binance’s security. The instructions regarding how to use this tool will be soon available on the Binance website, and traders will be able to utilize it to their advantage very soon.
Binance Limiting Withdrawal Limits
The Tax reporting tool is not the only thing that is keeping Binance in the news today. Cryptocurrency space is amidst a regulatory crackdown, and Binance is making a lot of changes to stay compliant.
Non-verified users can now withdraw only 0.06 BTC per day. It is a huge stepdown considering that the previous limit was 2 BTC.
Binance futures might also see a change in the coming weeks as the exchange is planning to reduce max leverage from 120x to 20x.
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