How to Report Your Binance Taxes
Coinpanda has direct integration with Binance to simplify tracking your trades and tax reporting. Calculate your taxes and generate all required tax reports and forms easily.
Prepare your tax forms for Binance
There are a few ways you can import your transactions to Coinpanda:
- API import: Connect your account directly using API keys. This is the simplest way to synchronize all your trades and transactions automatically. Simply follow the steps below to get your API keys (key + secret) and your tax forms will be ready shortly.
- File upload: You can also upload a CSV/Excel file instead of connecting your account with API keys by following the steps explained below.
- Add manual: The last option is to manually add transactions one by one from the Transactions page. This is only recommended if you have very few transactions.
Remember also to tag your transactions if you have received airdrops, forks or staking rewards!
You will need to create separate wallets on Coinpanda if you have traded futures or used margin on Binance. See our guides here: Binance Futures, Binance Cross Margin, and Binance Isolated Margin
Supported transaction types
It is important that you import all transactions from Binance to Coinpanda to calculate your taxes accurately. Coinpanda supports the following transaction types from Binance today:
| Tx Type | API import | CSV file upload |
|---|---|---|
| Trades |  | |
| Deposits and withdrawals | | |
| Airdrops/Rewards/Distributions | | |
| Dust to BNB conversion | | |
| Binance Liquid Swap (BSwap) | | |
| Convert History | | |
| Buy/Sell Crypto History | | |
| Fiat deposits/withdrawals | | |
| Realized PnL (Futures)* | | |
| Funding and fees (Futures)* | | |
| Margin trading (Isolated)* | | |
| Margin trading (Cross)* | | |
* You will need to create a separate wallet on Coinpanda to import your futures and margin trades. The same API keys can be used for all wallets.
December 16th, 2021 – Important message
The Binance API is one of the most complex APIs in the entire crypto industry. We have focused a lot on this integration and made several major changes and updates during the past 6 months. To make sure that our integration is as accurate as possible, *and* to avoid possible issues in the future, we have been forced to deploy changes that might not be backward compatible for all users if you have synced your wallet prior to December 16.
We recommend therefore deleting all transactions previously imported to Binance and importing from API again to have all updates reflected. Please note that this is not strictly necessary in all cases, but simply our recommendation to make sure the transactions are imported as accurately as possible. Doing this will most likely increase the accuracy of your tax reports and minimize the time you need to troubleshoot balance discrepancies, missing transactions, etc.
Import trades automatically with API
We are only requesting view permissions. This does not give us access to your private keys nor the ability to move your funds.
To add your Binance account to Coinpanda, follow these steps:
- Go to the Binance API page by hovering over the user icon in the top header and then click ‘API Management’.
(https://www.binance.com/en/my/settings/api-management) - Click on ‘Create Tax Report API’.
- Click ‘Get code’ to receive a verification code to your email address.
- Enter the verification code and your 2FA code if required, then click ‘Submit’.
- Copy the API Key and Secret Key to Coinpanda.
The Binance API has several limitations that are important to be aware of. Please see this list for more information and how to get around this.
Upload a CSV/XLSX file to Coinpanda
Trade History:
- Go to the Trade History page by hovering over ‘Orders’ in the top header and click ‘Spot Order’.
(https://www.binance.com/en/my/orders/exchange/openorder) - Click on ‘Trade History’ in the left menu, and then on the ‘Export’ button (top-right corner).
- Next, click on ‘Beyond 6 months – Custom‘ to export a maximum of one year of trade history for each file. Make sure to export files for ALL years you have traded on Binance.
- Click ‘Generate’ to start the process of creating the file. This process can take anywhere from 15 minutes to 1 hour. You will receive an email notification from Binance when the file is ready to download.
- Upload the CSV file(s) to Coinpanda after downloading.
Note: You can also export trade history for up to a maximum of 6 months by selecting ‘Within 6 months – Custom’ instead. This file will download directly without any waiting time. Remember to upload files for all months that you have traded on Binance.
The Order History files cannot be uploaded. Only Trade History files are accepted and will upload successfully.
P2P Orders:
- Go to the P2P order page by hovering over ‘Orders’ in the top header and click ‘P2P Order’.
(https://c2c.binance.com/en/fiatOrder) - Select the ‘All Orders’ tab.
- Select ‘Completed’ in the Status dropdown and your desired date range.
- Next, click on the download icon (right side) to download the file.
- Upload the XLSX file to Coinpanda.
Buy Crypto History:
- Go to the Buy Crypto History page by hovering over ‘Orders’ in the top header and click ‘Buy Crypto History’.
(https://www.binance.com/en/my/wallet/exchange/buysell-history) - Click the ‘Export’ button and select your desired time range. The max range is 3 months which means you will most likely need to export multiple files for all months you have bought crypto on Binance.
- Click on ‘Export’ to download the file.
- Next, select ‘Sell’ in the tab (top-left corner) and repeat the previous steps for your sell history.
- Upload the XLSX file(s) to Coinpanda.
Convert History:
- Go to the Convert History page by hovering over ‘Orders’ in the top header and click ‘Convert History’.
(https://www.binance.com/en/my/orders/convert/history) - Click the ‘Export’ button and select your desired time range. The max range is 6 months which means you will most likely need to export multiple files for all months you have converted crypto on Binance.
- Click on ‘Export’ to download the file.
- Upload the XLSX file(s) to Coinpanda.
Deposits and Withdrawals:
- Go to the Transaction History page by hovering over ‘Wallet’ in the top header and click ‘Transaction History’.
(https://www.binance.com/en/my/wallet/history/deposit-crypto) - Click on ‘Export Deposit History’ and select a custom time period (max 3 months).
- Click ‘Export’ to download the file. Make sure to export the deposit history for all months.
- Next, select ‘Withdraw’ in the ‘Type’ dropdown and repeat the previous steps for withdrawals by clicking ‘Export Withdrawal History’.
- Upload the XLSX file(s) to Coinpanda.
Special note for Withdrawals: You will need to check the XLSX file for any withdrawals having zero fees. If found, these transactions will be imported as Receive and you will need to change the transaction type to Send after uploading the file.
Binance Statements CSV:
The Statements CSV file is an alternative to the other files explained above. Uploading other files types in addition to the Statements CSV will result in duplicate transactions.
- Go to the Transaction History page by hovering over ‘Wallet’ in the top header and click ‘Transaction History’.
(https://www.binance.com/en/my/wallet/history/deposit-crypto) - Click on ‘Generate all statements’ in the top-right corner.
- Select a custom time period (max range is 3 months). Make sure that you generate files for all months/years you have traded on Binance.
- In the account dropdown, select only the following options:
- Spot
- P2P
- Savings
- Pool
- Pay
- Third-party wallet
- Click ‘Generate’ and download the file when ready.
- Upload the CSV file(s) to Coinpanda.
Binance limitations
Both the Binance API and file export functionality (web interface) have several limitations which are very important to be aware of.
- Trades made with delisted coins cannot be synced from API. You have basically two options to get around this if you have traded any delisted coins:
- Select the Start import from: Now option in the modal where you add API keys and upload your historical transactions with CSV/XLSX files instead.
- Add trades with delisted coins either manually, by using the Coinpanda generic file, or by uploading a CSV/XLSX file from Binance that ONLY contains trades for delisted coins.
- For some users, the API provides data for dust to BNB conversions from the past 15 days only. You will need to check if all transactions have been imported or not after the API sync has completed. Missing transactions must be imported manually since Binance does not allow exporting the completely history as XLSX/CSV file.
- Not all reward transactions (distributions, airdrops, bonuses, interest payments, liquidity rewards, etc) are made available from the API. You will need to go to this page and check if all transactions have been imported to Coinpanda.
- Referral commissions are not imported from API either. You will need to export your ‘Commission History’ AND ‘Commission Fees Shared With You’ from this page and then upload the files to Coinpanda.
- Internal Binance transfers between your Spot, Futures, and Margin accounts can only be imported from the past 6 months. This limitation was introduced by Binance in November 2021, and we have already requested Binance to remove this limitation. Unfortunately, we don’t have any control over what changes Binance decides to do now or in the future.
We recommend using the Coinpanda generic file (.XLSX or .CSV format) whenever you need to import transactions manually.
