How to Connect Binance US with Koinly

How to connect Binance US with Koinly

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.

How to get a tax statement from Binance US

You might be wondering, does Binance US provide CSV tax and trade history reports? What about a Binance US tax API? Is it even possible to get tax info and statements from Binance US? The good news is, while Binance US might not provide tax forms and documents, Binance US does offer 2 easy ways to export transaction and trade history!

Binance US pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Binance US tax tool. How? Koinly will calculate your Binance US taxes based on your location AND generate your EOFY tax report, all within 20 minutes! All you’ll need to do at tax time is download your Binance US tax statement from Koinly and file it with the IRS. Done!

Connect to Koinly with the Binance US tax report API

On Binance US

Log in to your Binance US account.
In the top right corner, hover over your email address to bring up the drop down menu.
From the drop down menu, select API management.
Give your API key a label, like Koinly.
Select create.
Complete the two-factor authentication.
Select edit restrictions. Under API restrictions, make sure 'can read' is the only item checked.
Check unrestricted for the IP access restrictions.
Select save.
Copy the API key and API secret key.

On Koinly

Sign up or log in to Koinly and go to wallets.
Select add new wallet: Binance US.
Select set up auto sync.
Paste the API key into the API key box.
Paste the API secret into the API secret box.
Select secure import.

Good to know
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. 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. 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. If you see a small yellow icon next to your Binance US wallet, this is Koinly telling you there is an issue with the API data. You can click on the yellow icon to identify the exact transactions there is an issue with. Then, click the three dots next to your wallet and select troubleshoot to find out how to resolve them.

How to import your Binance US tax report CSV file to Koinly

On Binance US

Log in to your Binance US account.
Hover over your email address in the top right corner.
Select tax statements from the drop down menu.
Select export statement.
Select yearly report.
Select the year you'd like to export. Remember, you'll need your entire transaction history to upload to Koinly, so make sure you download as many years as you need to to cover the entire period you've had your Binance US account.

On Koinly

Sign up or log in to your Koinly account and go to wallets.
Select add new wallet: Binance US.
Select import from file.
Upload your CSV file(s).
Select import.

Good to know
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. 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. You can also do this by deleting the existing transactions within it by selecting the three dots on the right hand side of your Binance US wallet in Koinly, then selecting troubleshoot. On the next page, you'll see an option to delete existing trades and to delete existing transactions. 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.

How do I troubleshoot my Binance US integration to Koinly?

Still have issues with your Binance US data import to Koinly? No worries - we have lots of helpful resources:

Go to our help forum to read our guides.
Search our discussion boards - we might have answered your query already.
Talk to us on Twitter and Reddit.
Contact us on email or live chat.