Popular crypto exchange Binance, which reportedly has the highest trading volume in the world, announced the launch of Binance Tax.
The new service is now open for users based in Canada and France. Binance announced via a blog post that the new service is meant to enable users to calculate the tax requirements for their cryptocurrency transactions. The news comes as an increasing number of governments want to tap into the revenues of the crypto environment.
The crypto exchange stated that users can import their Binance transactions into the tax calculator to obtain an accurate estimate of how much they owe on tax, varying on what jurisdiction they are a part of.
Since Binance Tax is a product that is not fully optimized, its algorithm is not yet able to be applied to all transaction types within the cryptocurrency ecosystem. The crypto exchange advises its users to adjust their final tax report accordingly.
The company added that the new tool is free to use for its customers in France and Canada. Reportedly, the tool can cover 100k transactions, providing the majority of users with the chance to encapsulate all their crypto transactions on Binance during a certain time.
