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How To Do Binance Taxes

Effortlessly calculate your Binance taxes and create the right tax documents to submit to your tax authority. Koinly completely supports Binance and makes tax reporting a breeze.

API Import CSV File Import

How to do Binance taxes with Koinly

Koinly connects directly to over 300 wallets and exchanges including Binance. You can do this via an API integration, or via CSV file upload. Once connected, your data will be imported into Koinly, and the tax-calculating magic can begin.

There are a couple of ways you can do this:

  • Since Binance has an API, the easiest way to connect to Koinly is to simply add your API keys (api key, api secret). Then Koinly can automatically import all your transactions.
  • If you don't have access to your API keys you can also import transactions by uploading CSV files.
  • If the above method(s) are not possible for you, you can also add the transactions manually through Koinly's web interface.

How to connect Binance to Koinly via API

The easiest way to connect your Binance account to Koinly is via an API. Koinly will then import all your transactions automatically and make it easy to calculate your taxes. To start your Binance import, sign into Koinly and go the Wallet page. Add a new wallet: Binance.

Now, follow these steps to get your API keys:

  1. Open the Binance API Settings page
  2. Click on Create New Key, label it Koinly
  3. If applicable, enter your two-factor authentication code
  4. Copy the API Key and Secret
  5. Disable trading access for this API key:
    - Click the Edit button
    - Disable the Enable Trading permission
    - Click Save
    - If applicable, enter your two-factor authentication code

This sync process may take longer than a few minutes. That is normal. Once Koinly and Binance are connected you'll notice yellow circle next to the Binance icon in your Koinly Wallet.

Why? Koinly has calculated certain assets from the imported data and it's not matching what the API is reporting on the exchange.

Binance API has certain limitations, for example, if you bought or sold using fiat.

Read more about API limitations and alternate ways to import missing data here .

How to connect Binance to Koinly via CSV upload

Follow these steps to download your transaction files:

  1. Sign in to your Binance account and click on Wallet > Overview on the navigation bar
  2. Next click on Transaction History (in the top right corner)
  3. Now click on Generate all statements (in the top right corner)
  4. On Range select Customize and enter the start/end date of your file (max 3 months of history can be downloaded at a time so you might need a few files to cover your entire history)
  5. Click on Generate and wait for the report to be generated
  6. Repeat the export for every year you have been trading on Binance
  7. Upload the downloaded files to Koinly

Note that if you want to import CSV files, you have to make sure to import your deposits/withdrawals and trades for ALL previous years and not just the current one!

How do I check my Binance trades on Koinly?

Koinly is not just a tax calculator but a portfolio tracker too. Once You can click on the yellow icon to see what the balance differences are. Minor differences are normal and can be safely ignored. If you notice any large difference then it may be due to API limitations. In order to resolve these issues, head to Binance and download the csv file that has your complete transaction history.

How do I get my Binance tax report?

Facing tax time? Getting your Binance tax report is easy with Koinly! All you need to do is head over to the Reports page, and select the date range you need to file for.

Koinly does a number of things under the hood in order to calculate your capital gains and income.

First it fetches the market rates at the time of your trades, then it matches transfers between your wallets and exchange accounts and finally it calculates your capital gains.

Select the report you need and hit download. Simple!

Not sure which report to download? See what your country's tax office needs in here.

Got the Binance report - what do I do with it at tax time?

The first thing to do is to review all your transactions and make sure everything is accurate and your transactions have been imported correctly. If you feel your profits or losses are too high or low, then you might want to check through some transactions to make sure it's all correct.

The most common reason that this happens is if the transfers between your wallets have not matched correctly or you haven't added some of your wallets. Make sure to read out Getting Started Guide, and then review the transactions with the highest gains to locate the issue.

Once everything is correct, you can then download the correct tax form according to your country via Koinly - we offer a number of different tax reports to choose from. At tax time, you can submit the form to your accountant, or submit your taxes yourself.

Does Binance report to the IRS, HMRC and other tax authorities?

Most exchanges report and share customer data with tax authorities, so you should always report your trades accurately. Even if a country has not asked Binance to hand over customer data, it is likely they will in the future.

Got a very specific question about Binance and Koinly?

Learn how to import airdrops from Binance, track futures and import mining or staking income with Koinly in the Koinly & Binance Help Section.