Binance no longer operates in the United States and because of this, likely does not report to the IRS.
Binance’s American subsidiary — Binance.US — issues Form 1099-MISC to customers and the IRS. In addition, the company has faced scrutiny from the federal government and is currently being investigated by the SEC.
In the United States, cryptocurrency is subject to capital gains tax and income tax.
If you’ve earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the IRS.
For more information, check out our complete guide to cryptocurrency tax.
Binance.US is currently available in all states except New York, Texas, Hawaii, and Vermont.
Binance allows you to download a spreadsheet containing your complete transaction history. However, this form will not be enough to report your cryptocurrency taxes if you’ve transferred cryptocurrency into or out of the platform.
Remember, there is no way to legally evade your taxes. However, tools like tax-loss harvesting and cryptocurrency tax software that can help you save thousands of dollars legally.
For more information, check out our guide on how to avoid cryptocurrency taxes.