Is it mandatory for Binance US to report user transactions to the IRS?

3 answers

• Dec 26, 2021 · 3 years ago
  Yes, Binance US is required to report user transactions to the IRS. As a regulated cryptocurrency exchange operating in the United States, Binance US must comply with the tax regulations set by the IRS. This means that they are obligated to provide transaction information of their users to the IRS upon request. It's important to keep in mind that cryptocurrency transactions are subject to taxation, and it's advisable to consult with a tax professional for accurate reporting.
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• Dec 26, 2021 · 3 years ago
  Absolutely! Binance US is legally bound to report user transactions to the IRS. The IRS has been actively cracking down on tax evasion related to cryptocurrencies, and exchanges like Binance US are required to assist in this effort. So, if you're using Binance US for your cryptocurrency transactions, be prepared to have your transaction information shared with the IRS. Remember, it's always better to stay compliant with tax regulations to avoid any legal issues down the line.
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• Dec 26, 2021 · 3 years ago
  Yes, it is mandatory for Binance US to report user transactions to the IRS. However, this is not unique to Binance US. All regulated cryptocurrency exchanges in the United States are required to comply with the tax regulations set by the IRS. This is done to ensure transparency and prevent tax evasion. So, whether you're using Binance US or any other regulated exchange, your transaction information may be shared with the IRS if required. It's always a good idea to keep accurate records of your cryptocurrency transactions for tax purposes.
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