Binance, a cryptocurrency exchange, has launched a tool to assist users in calculating their tax obligations on their crypto transactions, as governments seek to ensure they do not lose revenue from the industry. The free tool, which supports reporting of up to 100,000 transactions, is initially available to users in Canada and France. According to a blog post published on Monday, the exchange intends to expand to other regions. Binance Tax’s goal is to make it easier to calculate gains and losses throughout the year. This could amount to thousands of transactions for frequent traders, implying many hours of work to ensure correct calculation. However, the product is still in its early stages and does not support all types of transactions.
