Binance Introduces Taxation Tool for Crypto Traders in France and Canada

• Binance launches a tax tool allowing users to understand their crypto tax liabilities on up to 100,000 transactions.
• Following the public controversy around the ownership of WazirX in August 2022, Binance removed the off-chain fund transfer channel between WazirX and Binance.

Binance Launches Free Tax Tool for Canadian and French Users

Binance, the world’s largest cryptocurrency exchange by market capitalization, has launched a new tax tool for users in Canada and France. The tool, called Binance Tax, is designed to help users calculate the tax liability associated with their cryptocurrency trades.

The tool is free to use and supports up to 100,000 transactions. It is still under development, but it currently covers spot trades, margin trades, and futures trades. It does not currently cover NFT trading, crypto donations, or blockchain rewards.

To use the tool, users simply need to log in to their Binance account and select the “Tax” tab. They will then be able to generate a tax report that shows their realized gains and losses. The report can be downloaded as a CSV file.

Binance Tax is a valuable tool for users who want to stay compliant with tax laws. It is also a convenient way to track their cryptocurrency trading activity.

In other news, Binance has banned Zanmai, the operator behind WazirX, an Indian cryptocurrency exchange, from using its services. The ban was reportedly put in place due to Zanmai’s failure to meet Binance’s compliance standards.

Zanmai holds $285.08 million worth of crypto assets in Binance. The top five assets include Polygon (MATIC), Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE).