Does Binance Report to HMRC?
Have you traded on Binance in the UK? HMRC may know more about your transactions than you think. Find out what Binance reports to HMRC and how it affects you.
Binance is facing regulatory issues in the UK, with some services withdrawn, and it is not currently onboarding new customers.
For users who can use the platform, you’ll still need to pay any tax due on transactions.
HMRC has requested user data from the largest crypto exchanges to increase tax compliance.
Is Binance legal in the UK?
As of 2025, Binance is not authorised to operate in the UK following a notice from the FCA (Financial Conduct Authority). In response, Binance stopped onboarding new customers and restricted some services for UK customers.
Existing UK customers can still use some services on Binance. The company has also stated it intends to re-enter the UK market and is working with regulators to do so.
Read next: Best Crypto Exchanges UK
Does Binance report to HMRC?
Yes. Binance may report to HMRC.
HMRC has sought information on UK taxpayers from major cryptocurrency exchanges operating in the country. Although it's not confirmed whether Binance provided the requested data, other leading platforms have confirmed their cooperation.
What does Binance report to HMRC?
It’s not known precisely what data HMRC has requested from crypto exchanges like Binance. In the instance of another exchange, Coinbase, the platform confirmed it had disclosed transaction details for users who had transacted with more than £5,000 in crypto.
Read next: HMRC Crypto Letters
What does HMRC do with the information Binance provides?
HMRC has previously used data provided from crypto exchanges to issue notices to taxpayers it believes have failed to report their investments accurately, with more than 8,000 letters issued so far.
It’s also possible HMRC has used this information to begin audits of taxpayers it believes have failed to disclose investments to pursue unpaid taxes.
How do I report my Binance taxes to HMRC?
UK investors must report any gains, losses, or income from Binance as part of their self-assessment tax return. You can do this online via the Government Gateway portal.
Unfortunately, Binance does not provide UK investors with tax forms. Fortunately, crypto tax calculators like Koinly exist to solve this problem.
Read next: Crypto Taxes UK Guide
Report your Binance taxes with Koinly
Koinly makes Binance tax reporting simple. Simply import your transaction data from Binance automatically via API or upload a CSV file.
Once Koinly has your data, it calculates your gains, losses, income, and more, before generating your crypto tax reports to help you easily file with HMRC. Learn more about how to do your Binance taxes with Koinly.
FAQs
Do I have to pay tax on my Binance transactions?
Yes. Any gains over the CGT free allowance are taxable, as well as any income from crypto. Learn more in our crypto tax UK guide.
Is Binance registered with the FCA?
At the time of writing, Binance is not currently registered with the FCA, following regulatory issues. The platform has stated it intends to work with the FCA to re-enter the UK market.
How do I avoid Binance taxes in the UK?
You can’t legally avoid tax on crypto in the UK without facing penalties. You can, however, use tax minimisation strategies like tax loss harvesting to reduce your tax bill.
Crypto tax calculators like Koinly have tools such as a tax optimization tool to help you with this. Learn more in our guide on how to avoid crypto tax in the UK.