Does Binance Report to the IRS?

Zac McClure
ByZac McClure, MBAUpdated on May 3, 2022 · minute read

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  • Binance no longer serves U.S. traders, so it does not report to the IRS.

  • Binance.US sends Forms 1099-MISC to traders who have earned more than $600 from staking or rewards.

Does Binance Report to the IRS?

Does Binance report to the IRS?

Binance, a Malta-based company, is one of the most popular crypto exchanges in the world. However, it is no longer serving U.S.-based traders, so Binance does not report to the IRS. instead, it operates a separate site for Americans traders: Binance.US.

Nevertheless, U.S. traders should absolutely include original records in their crypto capital gains and capital loss tax calculations.

Unfortunately, beginning in 2020, U.S. traders can no longer log-in to get their trading records. If you find yourself in this situation, we recommend contacting a crypto tax accountant.

Do I need an FBAR for Binance?

Before 2019, when the platform closed to U.S. users, many Americans traded on Binance.

If you are an American who traded on Binance, and you have above the FBAR threshold for foreign holdings, then you will need to include the original Binance in your FBAR filing. This means that you need to include the highest balance of crypto held on Binance, calculated in USD. 

Does Binance.US report to the IRS?

Yes, Binance.US sends Forms 1099-MISC to traders who have earned more than $600 on the platform from staking and rewards. Although it previously issued certain traders Forms 1099-K, Binance.US discontinued the practice in favor of the Form 1099-MISC for the 2021 tax year.

However, although only the Form 1099-MISC only reports crypto income (not capital gains from trades) this does not at all mean that the IRS cannot gain access to your entire Binance.US transaction records. The agency has successfully compelled US-based exchanges such as Coinbase to share mass user data through the use of John Doe summonses.

How do I my export trade history from Binance.US?

Binance.US allows users to download a copy of their transactions data here. Additionally, if you are using a crypto tax software, such as TokenTax, it can connect to Binance.US via API.

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

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Zac McClure
Zac McClureCo-Founder at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.

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