Binance introduces Tax Reporting Tool API
Binance, the world’s largest crypto exchange, has launched a new API tool so as to enable users to track their crypto transactions and easily fulfil tax obligations.
API tool: how to?
The Tax Reporting Tool transfers the user’s read-only transaction history and data on capital gains and losses to third-party tax vendor tools such as Koinly and BearTax.
The tool extracts data dynamically and allows to pull records of more than 1 financial year. Three-month account statements can also be generated manually.
To apply this new feature, first create a Tax Report API via API Management section of the website. API Key and Secret Key will be issued for clients to use on third-party tax vendor platforms. Each user can only create one API for reporting their tax information.
Binance struggling through hard times
Changpeng Zhao, the head of Binance, noted that the company was aimed at hiring top-level managers with regulatory and compliance background.
“Binance is ready to assist regulators from around the world and together find the optimal way to set a fair playing field – consumer protection is important to all of us. We want to create a sustainable ecosystem around blockchain technology,” Zhao stated.
Earlier, the cryptocurrency exchange announced lowering the daily BTC withdrawal limits for new users who have successfully passed the basic account verification from 2 BTC to 0.06 BTC. On 19th July, Binance Futures started limiting users to max 20x leverage.
Back in June, the UK Financial Conduct Authority (FCA) banned Binance Markets Limited from any regulated activity within the country without the prior written consent.
The Cayman Islands initiated investigation into the exchange activity, Thailand and Hong Kong accused the company of operating without a license, Japan issued a warning as well. Polish regulators warned citizens against using Binance services. Italy and Malta also accused the company of unregulated activity within their borders.
Amid increasing pressure from watchdogs all across the globe, Changpeng Zhao published a letter where he unveiled Binance’s plans to protect customers and ensure compliance with local legislations.
Binance was lucky enough to hit a rough patch and is still going through vexing clampdowns. However, it keeps its chin up and strives to make life easier for users. A new API tool intended to facilitate tax reporting has been recently introduced to the public. What’s the next move?
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