The largest crypto exchange in the world - Binance helps millions of crypto investors buy, sell, and trade crypto every day... and much, much more. As well as being able to buy crypto with a credit or debit card, investors can also access a huge range of products including margin trading, P2P trading, futures trading, leveraged tokens, options, staking, earn products, liquidity farming, and DeFi staking. Users can also get a Binance Card to spend crypto, take out crypto loans, and buy, sell, and trade NFTs.
Yes, Binance is widely regarded as a safe crypto exchange by its users. As the leading crypto exchange worldwide, Binance has excellent security measures including offline cold storage, real-time monitoring, and advanced data encryption. For user security, Binance offers features like IP and wallet whitelisting, sign-in protocols like 2FA, and opt-in security notifications. However, you should always follow best security practices and keep your crypto in an offline, secure wallet when you're not actively trading.
Koinly can help you do your Binance taxes safely, quickly, and accurately. Here's how it works:
In short - yes. The majority of tax authorities around the world including the IRS are taking a similar hard stance on crypto tax evasion. They're working with major exchanges operating in their country to share KYC information and ensure taxpayers are paying their fair share. As Binance is the largest crypto exchange worldwide, it is very likely they have been contacted by multiple tax authorities to share customer information.
No - and for good reason. Binance serves millions of users worldwide, meaning the exchange would need to be able to generate a huge number of tax forms in order to serve all its users! However, you can use a crypto tax calculator like Koinly to get your Binance tax forms easily.
To include your Binance crypto investment activity in your annual tax return you'll need to calculate and report any income or capital gains - or losses - you made throughout the year.
You can do this in one of two ways. You can either do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, you can use a crypto tax calculator like Koinly. Koinly calculates your income and gains or losses for you and automatically generates your Binance tax report, ready to file with your tax office.
Koinly works by importing your Binance transaction data to analyze what's taxable, and what's not. Let's look at an example - here's some transactions in a Binance account.
You can import your Binance transaction history via API integration or by uploading CSV files of your Binance transaction history. Once you've done this, you'll be able to see your Binance transactions in Koinly - like this.
Koinly lets you manage all your crypto transactions - from Binance and any other exchanges you use - from one single platform, making crypto tax simple. Here's how to connect...
1. The Binance API does not give return data pertaining to the auto-invest feature. If you have auto-invest transactions, you'll need to add these to Koinly by uploading a CSV file.
2. The Binance API does not provide convert trades made before the 1st of January 2021.
3. Dust conversions more than 1-year-old are not provided by the API.
4. Binance API import normally takes around 50 minutes to complete.
5. If you've already used the API method, make sure you delete your existing Binance transactions from Koinly before you upload your CSV file. You can find this option on the troubleshooting Binance page, on the right. It's really important you do this as otherwise, you'll end up with duplicated transactions and an inaccurate tax report!
6. The Binance API now syncs your full futures transaction history! Users should however be aware that they may receive emails and SMS messages when Koinly is syncing the futures stating that their CSV export is ready. Another limitation to be aware of is that futures older than three months can only be synced once or twice per month so resyncing from the beginning may not always sync all of your futures transactions.
You'll need to start by downloading a CSV file with your full trading history from Binance before uploading it to Koinly - here's how.
1. If you're using the CSV file upload method make sure to import your deposits, withdrawals, and trades for ALL trading years and not just the current year. Binance lets you download a maximum of 1 year transaction history at a time, so you may need to export multiple CSV files to cover your complete Binance trading history. We have a great help article for common issues with Binance CSV full of troubleshooting tips.
2. If you're investing in Binance futures, you might be a little confused about your data import. On the transactions page, select label and then Realized P&L from the drop down menu to filter to only your futures transactions. Koinly imports the actual profit and loss from your futures trades and aggregates your P&L transactions, so you'll only have a few transactions a day as opposed to potentially hundreds.
3. Margin trades & P2P are not included in your transaction history CSV file.
Having issues with your Binance data import? We can help:
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Binance US launched after parent company Binance withdrew services for US investors following issues with regulatory requirements. Binance US looks and feels the same as Binance, but there are fewer products on offer and fewer cryptocurrencies available to purchase. As well as this, Binance US is required to report user transactions over a given amount to the IRS.
Wondering who owns Binance? Changpeng Zhao, also known as CZ, is the co-founder and CEO of Binance. CZ is considered an industry leader and regularly talks about crypto market news, issues, and more on his Twitter account.
Binance was founded in China, but moved the HQ following the government ban on crypto trading, moving to Tokyo and then Malta. Binance also has offices all around the world.
Binance works much the same as any other crypto exchange - you can use the platform to access a variety of crypto investment opportunities depending on your needs.
All you need to do to use Binance is set up an account and get funded. Setting up an account is easy, you'll just need an email address, but you'll also need to complete KYC verification in order to start trading. This means providing certain personal details including your name, ID, and address. Once you're verified, you can fund your account. There are a lot of options for funding your account, but you can use a debit card, transfer crypto in or start buying crypto right away without a fiat deposit using a credit card.
Binance Coin is a crypto coin issued by the Binance exchange. The ticker is BNB. The coin is used to power the Binance Chain ecosystem, but you can also buy, sell and trade it like you would any other coin. Unsurprisingly, you can buy Binance Coin on Binance, as well as on all other major crypto exchanges.
Both Binance and Coinbase are market-leading exchanges in terms of daily trading volume, the cryptocurrencies available, and the security practices the exchanges use. There is no wrong or right answer on which exchange to use. Instead, you should look at the cryptocurrencies and products available on each exchange and assess which is the best exchange for you. Bur can check out our best crypto exchanges guide for more information to help you choose.
Binance added NFT offerings back in 2021 and remains a popular NFT marketplace with huge collections like Bored Ape, Wrapped Cryptopunks, and more.
Yes. You can import your NFTs and NFT collections to Binance. Just go to Binance NFT and log in, then follow these steps:
Wondering how to mint an NFT on Binance? Easy! Here's how.
It's easy to buy an NFT on the Binance NFT marketplace, just find the item page you want to buy and select buy now. If you want to bid on an NFT instead, just find the item page and you can make an offer to the seller instead.
Wondering how to list an NFT for sale on Binance? Easy. Once you've created or imported your NFT, just follow these steps:
No, Binance doesn't provide a specific Binance tax report - but it is partnered with a variety of excellent crypto tax apps (like Koinly) that can take your Binance transaction report and use it to generate a tax report for Binance.
There are two ways to generate a Binance tax form - manually or using a crypto tax app. The easiest way is to use the Binance tax reporting API and a crypto tax software like Koinly. Or, alternatively, you can export Binance transaction history in a CSV and manually calculate your tax obligations.
Binance.com stopped operating in the US due to regulatory issues with the IRS, subsequently launching Binance.us as a solution. Binance US complies with the IRS to share customer information based on the KYC identification and issues 1099 forms.
Technically no, but you can use your Binance account statement which contains your complete transaction history. You can then use this statement to generate a Binance tax statement.
Yes - if you have capital gains or income as a result of your crypto investment activities on Binance, you'll need to report these to your tax office and pay taxes on them or face steep penalties.
No, US users have been blocked from Binance due to US regulations. However, Binance has launched an American version, Binance.US, that US-based users can use. Some products are not offered to US users though.
No binance.us and binance.com are not the same. Binance.us is specifically for US residents and citizens. In order to comply with US regulations, some of the products of the international Binance exchange are not permitted.
Yes - Binance has provided Proof of Reserves via a snapshot, with a Merkle Tree released for Bitcoin, with more tokens and networks to be added over the coming weeks. Binance’s snapshot covers blockchains including BTC, ETH, BSC, BNB & TRX. For more information about what proof of reserves are and why it matters - check out our blog post.