Does Binance Report to the IRS?
Have you traded on Binance in the USA? The IRS knows more about your transactions than you think. Learn what and how Binance reports crypto to the IRS.
Binance US reports income over $600 to the IRS via Form 1099-MISC.
The global Binance platform does not report to the IRS.
From 2026, the information Binance US reports to the IRS will increase as exchanges are expected to start issuing Form 1099-DA.
Does Binance report to the IRS?
Yes. Binance US may report your crypto transactions to the IRS. Currently, any user with more than $600 in income via the Binance US platform will be reported to the IRS.
From 2026, under current regulations, Binance will be required to report more information to the IRS via Form 1099-DA.
The global Binance platform does not operate in the US, nor report to the IRS.
What does Binance report to the IRS?
Binance issues Form 1099-MISC to any user with more than $600 in income throughout the financial year. Form 1099-MISC is issued to both the user and the IRS.
What counts as income on Binance?
Income from crypto generally refers to when you earn new tokens. This could include a number of Binance Earn features such as staking rewards, Simple and Advanced Earn, referral commissions, airdrops, and more.
Make sure to read our guide to crypto taxes for more information.
When will I receive my 1099 form from Binance US?
If you’re going to receive a 1099 form from Binance US, you should receive this by February of the following financial year at the latest - well ahead of the April tax deadline!
Read next: Crypto 1099 Forms
What do I need to do if I receive a 1099-MISC from Binance US?
If you receive a 1099-MISC from Binance US, you should:
Review your details. Check that your 1099 Form includes your correct personal details, as well as accurate information about your transactions.
Calculate your taxes. You’ll pay Federal and State Income Tax (where applicable) on any income from crypto based on the fair market value of your tokens in USD at the point you received them.
Report your income. Generally speaking, you’ll report any income from crypto on Schedule 1 (Form 1040).
Keep records. Investors should keep excellent records of their crypto transactions in case the IRS ever wants to review or audit the information.
What does the IRS do with the information Binance provides?
Previously, the IRS has used information provided from 1099 forms to send warning letters to crypto investors. Any discrepancies between your tax return and 1099 form may also increase the risk of a crypto tax audit.
Read next: Received IRS Letter 6173 or 6174? Here's What To Do
What information does Binance US send to the IRS?
Information included in the Form 1099-MISC from Binance includes:
Income information: The amount earned from Binance Earn, staking, referrals, and other similar products.
User information: Your name, address, and taxpayer identification number (TIN) that you provided when completing your KYC verification process with Binance US.
How do I report my Binance US taxes to the IRS?
You need to report any gains or losses on Binance to the IRS via Form 8949 and Schedule D. As well as this, you’ll need to report any income from Binance on Schedule 1 (or Schedule C, depending on your filing status).
As Binance only provides users with more than $600 in additional income with information about their tax obligations, the easiest way to report your Binance US taxes to the IRS is with a crypto tax calculator like Koinly.
Report your Binance US taxes with Koinly
Koinly simplifies reporting your Binance US transactions to the IRS by importing your transaction data from the platform automatically via API or by uploading a CSV file.
Once it’s got your data, Koinly will calculate your gains, losses, income, and more, before generating tax reports, ready to help you file. Learn more about how to generate your Binance US tax forms with Koinly.
FAQs
Do I have to pay tax on my Binance transactions?
Yes. Any gains or income from your Binance transactions are taxable. Learn more in our crypto taxes guide.
Do you get a 1099 from Binance US?
Yes, some users will receive IRS 1099 Forms from Binance. Currently, Binance US issues 1099-MISC forms to US residents with more than $600 in income on the exchange in a single financial year. In 2026, Binance is expected to also begin issuing Form 1099-DA, which will report all disposals of crypto for a given user on the platform.
Does Binance US send a 1099-B?
No. Binance US does not currently issue Form 1099-B to users or the IRS.
Does Binance US send a 1099-K?
No. Binance US does not currently issue Form 1099-K to users or the IRS.
Do I need an FBAR for Binance US?
It’s unlikely you need to file an FBAR for Binance US. The FBAR (Foreign Bank and Financial Accounts) applies to foreign accounts exceeding $10,000. As Binance US operates in the US, this would not apply. If, however, you used the global Binance platform before it closed to US customers and your holdings exceeded $10,000, an FBAR filing may have been applicable.
Do you have to report crypto under $600?
Yes. Even if you don’t receive a Form 1099-MISC from Binance US, this doesn’t mean your rewards aren’t taxable. Many types of income from crypto are taxable upon receipt, even below $600.
