Since its launch in 2019, the American arm of Binance has quickly grown into one of the largest crypto exchanges in the US. Binance US offers investors more than 50 cryptocurrencies, low trading fees and high speed trade execution.
1. You'll need to set up two-factor authentication to use the API management feature in Binance US, so make sure you've done this before you try to auto-sync with Koinly.
2. The Binance US API doesn't include your fiat purchases, you'll need to add these transactions manually or use the CSV file import method below.
3. Once you've selected secure import, it'll take a couple of minutes for Koinly to sync your data, so don't worry if you don't see your transactions straight away.
You'll need to start by downloading a CSV file with your full trading history from Binance US before you can upload it to Koinly - here's how.
Now you've got your CSV file, here's how to upload it to Koinly.
1. The CSV file import method is better for many traders. This is because the Binance US API is limited in the data it returns, so transactions like fiat purchases may not be included.
2. If you're using the CSV file method because the API integration had missing data, it's important you delete the transactions you imported. You can do this by deleting your existing Binance US wallet.
3. You should import transaction data for as long as you've been using your Binance US account, even if you're only filing taxes for the current tax year.
Still have issues with your Binance US data import to Koinly? No worries - we have lots of helpful resources:
Sign up free today to calculate your IRS crypto taxes.
The only tax form Binance US issues currently is the 1099-MISC Form. Previously, Binance US issued users with 1099-K Forms. With the impending changes to crypto regulation in the US, this may soon change again.
The easiest way to get your Binance US tax forms is to connect to Koinly automatically via API or upload a CSV file of your Binance US transaction history. Koinly will then generate your Binance US tax forms.
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.
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!
No, Binance US does not provide financial or EOFY statements. But you can download a CSV file of your Binance US transaction history and use this as an end of year statement instead.
Yes. If you have capital gains or income from your Binance US investments you must report them to the IRS and pay tax. The IRS does not look kindly on crypto tax evasion and is actively cracking down on crypto tax evaders.
Currently, Binance issues 1099-MISC forms which include details of any income over $600 investors have made to the IRS. The IRS is currently developing a dedicated digital asset 1099 form, so in the future the information Binance US reports to the IRS may increase considerably.