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.

API import CSV file import

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 TypeAPI importCSV file upload
Trades
Deposits and withdrawals
Airdrops/Rewards/Distributions

Dust to BNB conversion
Binance Liquid Swap (BSwap)
Buy Crypto History*
Realized PnL (Futures)
Funding and fees (Futures)
Margin trading (Isolated)
Margin trading (Cross)

* If you are using API sync and have transferred fiat to Binance to buy crypto, you will need to upload a CSV file in addition. See the section for ‘Buy Crypto History‘ below for how to export this XLSX file.

Support for Binance cross and isolated margin trading is coming later in 2021.

Note: We have seen several other crypto tax platforms claiming that they support Binance margin trading, but do in fact not treat this correctly for tax purposes. We encourage you to understand the tax treatment of margin trading and the potential consequences of using a tax service that handles this incorrectly.

July 28th, 2021 – Important message
Binance Futures has now been separated from Binance Spot. This means that you will need to add a separate ‘Binance Futures’ wallet on Coinpanda if you have traded perpetual or quarterly futures. If you have traded futures and synced Binance with API prior to July 28th, we recommend deleting all transactions and re-run the import.

The same API keys can be used for all Binance wallets. Please contact support if you have further questions.

RECOMMENDED

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:

  1. Go to the ‘API Management’ page by hovering over the user icon in the top header.
    (https://www.binance.com/en/usercenter/settings/api-management)
  2. Create a new API key by entering a label and clicking the ‘Create’ button.
  3. Click ‘Send code’ to receive a verification code to your email address.
  4. Enter the verification code and your 2FA code if required.
  5. Click ‘Edit restrictions’ and uncheck both ‘Enable Spot & Margin Trading’ and ‘Enable Withdrawals’ (only ‘Can Read’ should be checked).
  6. Remember to also check ‘Unrestricted’ for the IP access restrictions. Then click ‘Save’ to save the changes
  7. Copy your API Key and Secret Key to Coinpanda.​

You will need to create a separate Binance wallet on Coinpanda to sync your futures and margin trades. The same API keys can be used for all wallets.

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 transactions:

  1. 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)
  2. Click on ‘Trade History’ in the left menu, and then on ‘Export Trade History’ (top right corner).
  3. Next, click on ‘Beyond 3 months – Custom’ to export a maximum of 1 year of trade history for each file. Make sure to export files for ALL years you have traded on Binance.
  4. Click ‘Generate’ to start the process of creating the file. This process can take anywhere from 10 minutes to 1 hour. You will receive an email notification from Binance when the file is ready to download.
  5. Upload your CSV file(s) to Coinpanda after downloading.

Note: You can also export trade history for up to a maximum of 3 months by selecting ‘Within 3 months – Custom’ instead and this file will download directly without any waiting time. Remember to upload files for ALL months that you have traded on Binance.

Deposits and Withdrawals:

  1. 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)
  2. Click on ‘Export Deposit History’ and select a custom time period (max 3 months).
  3. Click ‘Export to download the file. Make sure to export the deposit history for all months.
  4. Next, select ‘Withdraw’ in the ‘Type’ dropdown and repeat the previous steps for withdrawals by clicking ‘Export Withdrawal History’.
  5. Upload your XLSX file(s) to Coinpanda.

You will need to export the deposit and withdrawal history for fiat as well if you want Coinpanda to display the correct wallet balance if you have not added an API connection. However, this is not required for your tax calculations to be accurate!

Buy Crypto History:

  1. 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)
  2. Click on ‘Export’ to download the XLSX file.
  3. Select ‘Sell’ in the tab (top-left corner) and repeat the previous step for your sell history.
  4. Upload your XLSX file(s) to Coinpanda.

Binance does not allow exporting your conversions so this must be added manually.

Interest Payments (Margin trading):

  1. Go to the Margin page by hovering over ‘Orders’ in the top header and click ‘Margin Order’.
    (https://www.binance.com/en/my/orders/margin/openorder)
  2. Click ‘Repayment’ in the left menu under the ‘Margin Order’ menu.​
  3. Click on ‘Export complete trade history’ and select a timeframe.
  4. Click ‘Ok’ to download the XLSX file.
  5. Upload your XLSX file(s) to Coinpanda.

Realized PnL, funding, and fees (Futures):

  1. Go to the Futures page by hovering over ‘Orders’ in the top header and click ‘Futures Order’.
    (https://www.binance.com/en/my/orders/futures/openorder)
  2. Click ‘Transaction History’ in the left menu under the ‘Futures Orders’ menu.​
  3. Click on ‘Export complete transaction history’ and select a custom time period (max 3 months).
  4. Click ‘Export’ to download the file. Make sure to export transactions for all months you have traded on Binance.
  5. Upload your XLSX 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.

  1. Trades made with delisted coins cannot be synced from API. If you have such trades, we recommend enabling the Skip entire history option and uploading your historical transactions with CSV/XLSX files instead. The alternative is to add trades with delisted coins manually.
  2. Crypto purchased directly with fiat are not available from the API. This applies also to ‘Convert’ transactions. You will need to upload an XLSX file as explained here.
  3. 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 either.
  4. Not all reward transactions (distributions, airdrops, bonuses, 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 from API to Coinpanda.
  5. 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.
  6. Margin trading is currently not supported since Binance does not provide PnL data from either cross or isolated margin which is typically the data required for tax calculations. However, we are working on adding full support for Binance margin trading later this year. This requires us to do major fundamental changes to our calculation engine which will take time to complete. Current ETA is September 2021 for this update to go live.

We recommend using the Coinpanda generic file (.XLSX or .CSV format) whenever you need to import transactions manually.

Should you have any further questions, please contact support:

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