Cryptocurrency exchange Binance is launching a new tool to simplify tax reporting when dealing with cryptocurrencies. As stated in an announcement, the new API will generate reports on changes in capital on the trading floor, as well as check local tax liabilities and get a history of transactions for more than one fiscal year.
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"New API tool to allow Binance users to easily keep track of their crypto activities in order to ensure they are fulfilling the reporting requirements laid out by their regulatory bodies," said the exchange.
The new feature appears after Binance decreased leverage for its users. Starting from July 19, new users' positions on Binance Futures cannot exceed 20 times their own funds. Meanwhile, Binance CEO, Changpeng Zhao, might step down as the head of the cryptocurrency exchange as soon as he finds a successor who can do a "better job." He also said that Binance would seek regulators' approval as the exchange wants to establish regional headquarters all around the globe.
Earlier, Binance drew scrutiny from regulators around the world over unauthorized activity of affiliated companies. As of press time, watchdogs of the United Kingdom, Hong Kong, Poland, Malta, Italy, Cayman Islands and Singapore issued warnings against the exchange and affiliated companies.
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