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How to Report Your Binance Taxes

Coinpanda integrates directly with Binance to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Binance quickly.

API Import
CSV File Upload
Connect to Binance

How to do your Binance taxes

If you have been trading, staking, or earning crypto on Binance, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Binance quick and easy by following these steps:

  1. Create a free account and connect Binance to Coinpanda safely and securely
  2. Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Binance
  3. Wait for Coinpanda to automatically calculate capital gains and income for your Binance transactions
  4. Download your Binance tax report
  5. File your Binance taxes before the deadline

Supported transactions

To calculate your taxes accurately, you must import all transactions from Binance to Coinpanda. Coinpanda supports the following transactions from Binance today:

Tx TypeAPI importCSV file upload
Spot tradesCheck solid greenCheck solid green
Deposits and withdrawalsCheck solid greenCheck solid green
Staking/Airdrops/Rewards/DistributionsCheck solid greenCheck solid green
Dust to BNB conversionCheck solid greenCheck solid green
Binance Liquid Swap (BSwap)Check solid greenCheck solid green
Binance Leveraged Tokens (BLVT)Check solid greenCheck solid green
Convert HistoryCheck solid greenCheck solid green
Buy/Sell Crypto History (fiat)Check solid greenCheck solid green
Fiat deposits/withdrawalsCheck solid greenCheck solid green
C2C TradesCheck solid greenCheck solid green
Binance Pay (Binance Card)Xmark solid redCheck solid green
Commission rebates + referral kickbacksCheck solid greenCheck solid green
BUSD Auto-ConversionCheck solid greenCheck solid green
Futures trading (realized pnl, funding, fees)*Check solid greenCheck solid green
Margin trading (Isolated)*Check solid greenCheck solid green
Margin trading (Cross)*Check solid greenCheck solid green

* You will need to create separate wallets on Coinpanda for futures and margin trading. See our respective guides here: Binance Futures, Binance Cross Margin, and Binance Isolated Margin.

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How to connect Binance with API

We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.

Follow these steps to add your Binance account to Coinpanda with API:

  1. 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)
  2. Click on ‘Create Tax Report API’
  3. Click ‘Get code’ to receive a verification code to your email address
  4. Enter the verification code and your 2FA code if required, then click ‘Submit’
  5. 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.

How to connect Binance with CSV

Follow these steps to export your transactions from Binance:

Binance Statements CSV

  1. Go to the Transaction History page by hovering over ‘Wallet’ in the top header and clicking ‘Transaction History’
    (https://www.binance.com/en/my/wallet/history/deposit-crypto)
  2. Click on ‘Generate all statements’ in the top-right corner
  3. Select a custom time period (max range is 12 months)
  4. Select ‘All’ for both Account and Coin, and uncheck ‘Hide transfer record’
  5. Click ‘Generate’ and download the file when ready
  6. Repeat the previous three steps until your entire trading history is covered
  7. Upload the CSV file(s) to Coinpanda

The ‘Statements’ CSV file can be uploaded to any Binance wallet on Coinpanda:

• Binance
• Binance Futures
• Binance Cross Margin
• Binance Isolated Margin

Only the relevant transactions will be imported into each wallet, so you do not need to edit any files. Duplicate transactions will not be imported.

While the ‘Statements’ CSV file is the recommended option, you can also upload other CSV or XLSX files exported from Binance. Below, we mention some of the most typical files you can export from your Binance Spot wallet.

Trade History

  1. Go to the Trade History page by hovering over ‘Orders’ in the top header and clicking ‘Spot Order’
    (https://www.binance.com/en/my/orders/exchange/openorder)
  2. Click on ‘Trade History’ in the left menu, and then on the ‘Export’ button (top-right corner)
  3. 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.
  4. Click ‘Generate’ to start the process of creating the file. You will receive an email notification from Binance when the file is ready to download.
  5. Upload the CSV file(s) to Coinpanda

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.

Buy Crypto History

  1. Go to the Buy Crypto History page by hovering over ‘Orders’ in the top header and clicking ‘Buy Crypto History’
    (https://www.binance.com/en/my/wallet/exchange/buysell-history)
  2. 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.
  3. Click on ‘Export Excel’ to download the file
  4. Repeat the previous steps also for ‘Recurring Buy’, ‘Sell’, ‘Binance Access’ and ‘Exchange’
  5. Upload the XLSX file(s) to Coinpanda

P2P Orders

  1. Go to the P2P order page by hovering over ‘Orders’ in the top header and clicking ‘P2P Order’
    (https://c2c.binance.com/en/fiatOrder)
  2. Select the ‘View All’ tab
  3. Select ‘Completed’ in the Status dropdown and your desired date range
  4. Next, click on the download icon (right side) to download the file
  5. Upload the XLSX file to Coinpanda

Convert History

  1. Go to the Convert History page by hovering over ‘Orders’ in the top header and clicking ‘Convert History’
    (https://www.binance.com/en/my/orders/convert/history)
  2. Select a custom time range and click ‘Export’ to download the file. The max range is 90 days which means you will most likely need to export multiple files.
  3. Upload the XLSX file(s) to Coinpanda

Deposits and Withdrawals

  1. Go to the Transaction History page by hovering over ‘Wallet’ in the top header and clicking ‘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 Excel’ 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 by clicking ‘Export Withdrawal History’
  5. Upload the XLSX file(s) to Coinpanda

NB! You will need to check the XLSX file for any withdrawals having zero fees. Withdrawals with zero fees will be imported as Receive, so you should therefore add a withdrawal fee to these transactions in the XLSX file and then remove the fee(s) after the transactions are imported.

Binance API 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. You have essentially 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 using the Coinpanda generic file or uploading a CSV/XLSX file from Binance that ONLY contains trades for delisted coins to avoid duplicate transactions with data already imported from API
  2. Only dust to BNB conversions from December 1, 2020, can be imported
  3. Internal Binance transfers between your Spot, Futures, and Margin wallets can only be imported from the past 6 months. This limitation was introduced by Binance in November 2021. Unfortunately, we don’t have any control over what changes Binance decides to make now or in the future.

We recommend using the Coinpanda generic file whenever you import transactions manually.

How are Binance transactions taxed?

The exact tax implications on Binance transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions on Binance.

  • Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can offset other gains in most cases.
  • Income tax: Earned cryptocurrency on Binance, such as staking, interest, bonuses, and referral rewards, is typically seen as taxable income from a tax perspective and must be reported in your tax return.

To learn more about how Binance transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.

How do I file my Binance taxes?

First, you must calculate capital gains and income from all taxable transactions on Binance. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.

To calculate your capital gains, you must first export a complete history of all transactions made on Binance. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.

After downloading your Binance tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.

Calculate your Binance taxes

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How do I troubleshoot the imported Binance transactions to Coinpanda?

While we strive every day to ensure the highest possible accuracy for importing transactions from Binance to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:

  • Changes in the Binance API
  • Updated CSV file format
  • Binance does not provide a complete record of all transactions

To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on Binance with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.

The quickest way to get help from our dedicated support team is to send a message in the Live Chat.

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Other options for contacting support:

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Forum

Find answers in our community forum

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Email

Create a support ticket by email

03
Twitter / X

Ask or send us a message on Twitter

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Discord

Chat with our support team on Discord

Frequently asked questions

Does Binance provide tax documents?

No, Binance does not provide complete and ready-to-file tax documents. This is because Binance does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.

How do I get Binance tax documents?

The easiest way to get tax documents and reports is to connect your Binance account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Binance.

Does Binance provide financial or end-of-year statements?

No, Binance does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.

Do I have to pay taxes on Binance?

Yes, all transactions on Binance involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, interest, or referral rewards.

Is transferring to Binance taxable?

No, transferring cryptocurrency to Binance is not taxed as long as you transfer between your personal wallets or exchange accounts.

How do I avoid paying taxes on Binance?

It is impossible to avoid paying taxes completely on Binance legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.

Can Binance calculate my taxes?

Binance cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on Binance your entire life, it could technically do so.

Is Binance safe?

Binance is generally considered to be a safe exchange. Although Binance follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including Binance.

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