Does Binance Report to the IRS?

Binance does not serve US users. This means it doesn't report directly to the IRS.

Note: Binance.US operates separately from Binance (for US customers) and does report certain income to the IRS, which affects how US taxpayers should approach their crypto tax filings.

Binance.US is an entirely separate platform from the primary Binance exchange. It is tailored for American users to meet regulatory requirements.

As such, Binance.US reports specific transactions to the IRS, including income from rewards, staking, and referrals. The threshold is $600 for 2025 and rises to $2,000 for the 2026 tax year.

Your Binance.US transactions are taxed based on how they’re classified:

• Capital Gains/Losses: Report gains and losses from buying, selling, and swapping crypto on Form 8949, with totals carried to Schedule D.

• Ordinary Income: Report staking rewards, referral bonuses, and similar payouts as ordinary income at fair market value when you receive them. This applies to everyone, not only to professional traders.

Binance does not report to the IRS, as it does not serve US customers. Instead, Binance.US handles transactions for American users and reports certain types of income to the IRS. If you’re a US taxpayer, you must report your Binance.US activity to comply with IRS regulations.

What information does Binance.US send to the IRS?

For users who cross the reporting threshold on Binance.US, $600 for 2025 and $2,000 for 2026, the platform issues Form 1099-MISC, which includes:

• User Details: Name, address, and taxpayer identification number (TIN).

• Income Information: Amount earned from staking, referrals, or similar programs.

A copy of this form is also sent to the IRS, ensuring transparency. Binance.US also issues Form 1099-DA, beginning with the 2025 tax year. Unlike the 1099-MISC, there is no minimum dollar threshold for the 1099-DA.

What is Form 1099-DA for crypto?

Form 1099-DA is the IRS information return for digital asset sales and exchanges through US brokers and exchanges like Binance.US.

For the 2025 tax year (forms sent in early 2026), 1099-DA reported gross proceeds from covered digital asset sales/exchanges; it will not include cost basis for 2025, so you must rely on your own records to compute gains and complete Form 8949/Schedule D. Starting with the 2026 tax year (forms sent in early 2027), 1099-DA is scheduled to include both cost basis and gross proceeds for covered transactions.

Brokers must collect and confirm your tax status through Form W-9 or W-8. New accounts opened on or after January 1, 2026 need a certified TIN up front. Backup withholding itself is deferred: the IRS waived it for 2025 and 2026, so 24% withholding on proceeds begins with 2027 transactions. If your account predates January 2026, your broker can avoid withholding by matching your name and TIN through the IRS TIN Matching Program.

What should I do if I received a 1099-MISC from Binance.US?

If you receive a 1099-MISC from Binance.US:

1. Verify for Accuracy: Review the form to ensure all details are correct.

2. Report the Income: File it on Schedule 1 (Form 1040), line 8v, and calculate applicable taxes.

3. Retain Documentation: Keep a copy for your records, as the IRS will have access to this information.

Looking to calculate your crypto taxes? Try our free crypto tax calculator.

Does Binance.US send a 1099-B?

Binance.US does not issue Form 1099-B, which covers securities sales. Digital asset sales go on Form 1099-DA instead.

TokenTax simplifies Binance.US tax reporting by integrating with the exchange, enabling you to import transactions and calculate your taxes automatically and accurately. To get started:

1. Sign Up: Create a TokenTax account.

2. Choose a Plan: Plans start at just $49/year.

3. Connect Binance.US: Use the API to import your transaction data.

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