How to do your Binance US taxes & integrate Binance US with Accointing
Connect Binance US with Accointing via API or CSV - use our free portfolio tracker, or calculate your Binance US taxes with Accointing for mobile and desktop
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Since 2019 when it was launched, Binance US has become a popular crypto exchange, allowing Americans to invest in over 100 crypto assets. The platform is famous for its low fees with high trade execution speed. It provides US traders with a regulated market to trade legally
How does Binance US tax reporting work?
Even though Binance US is an excellent trading platform, it doesn’t issue tax information and documents. However, it makes it easier for you to retrieve them through its API and CSV. Luckily, Accointing offers the required tools to analyze your transaction history and produce tax reports in the required US format.
To achieve this, you should first integrate your Binance US account to Accointing and import your transactions history. Here are various ways to do that:
API – Allow Accointing automatic access to your Binance US account.
CSV – Export your Binance US trades and transactions and import into Accointing.
Accointing template – fill out our simple template with your data and upload it into Accointing.
Integrate with Accointing via the Binance US API
Login to your Binance US profile.
Hover over your profile’s email address and choose API management.
Specify a name for the API key, such as Accointing.
Complete the 2F authentication by entering the verification code.
Choose Edit restrictions and check the “Can read” item only under API restrictions.
Under IP access restrictions, ensure the Unrestricted item is checked.
Click Save, then copy the displayed API key and secret key and store them safely.
Log in to your Accointing account and choose Add wallet under the Wallets menu.
Search for Binance US and click it from the list.
Next, choose the “Automatic” option then click Continue.
Enter Binance US as the wallet name.
Paste the copied API key and secret key.
Under the Import from dropdown, select All. Alternatively, choose the date range as required.
Click Save to initiate the integration.
API supported features:
Spot trades – classic and advanced.
Dust conversations (BNB).
Airdrops and distribution
API unsupported features:
Referral program commissions.
Spot trade conversion.
Integrate with Accointing via the Binance US CSV/XLSX file
If you don’t want to link your Binance US account with Accointing using the API, you can also do so by importing a CSV file containing your history of trades, withdrawals, and deposits. Here is a simple guide to go about it.
Downloading CSV files from Binance US
Login to Binance US
In the top right corner, hover over your profile email address and choose tax statements.
Next, choose Export statement.
Pick Yearly report.
Specify the year needed to retrieve reports.
For active traders, download as many annual reports as possible to cater to the whole period you’ve had the account.
Importing CSV files into Accointing
Login to your Accointing profile.
Under the Wallets menu, click Add wallet.
Search Binance US in the search field and select it from the list.
Select the File import option then click Continue.
Browse the CSV file location and choose it to set it ready for import.
Under the Import from option, select All or pick the desired date from when to begin the import.
Click Save to initiate the import process.
How to review and track your Binance US transactions in Accointing
Once finalized the Binance US transactions import, go to your Accointing dashboard to view a summary of your portfolio.
Pick the applicable date range to start reviewing your Binance US trades history, gains, and losses.
Check the different crypto assets and click to initiate the analysis of your buy and sell dates. You can choose multiple assets in one go to compare performance for the chosen dates.
You’re all set. Start monitoring your Binance US portfolio, distribution, and spread. Learn about the storage location of your assets, whether kept in exchanges or wallets.
Common issues with importing transactions from Binance US
The Binance US API comes with limitations on the data shared. It may not include fiat purchases. If you’ve used the API integration method and noticed some discrepancies in your data, you should remove the integration.
Importing data via CSV is a better option for most traders because it will contain all transactions including fiat currency trades. Since the API and CSV import options in Binance US are not synced, you should avoid using both at the same time to avoid duplication. First, delete the existing data within the tax report tool before importing the CSV file.