US-based traders are responsible for paying taxes on cryptocurrency gains. Binance is one of the world's largest cryptocurrency exchanges, and it offers a platform for trading many different digital assets. If you're using Binance to trade cryptocurrencies, it's important to be aware of the tax implications.

Generally speaking, you will owe taxes on any gains that you realize when selling or exchanging cryptocurrencies. This is true whether you're cashing out into fiat currency (USD, EUR, etc.) or exchanging for another cryptocurrency. The amount of taxes owed will depend on your country of residence and how long you held the asset before selling or exchanging it.

If you're trading frequently on Binance, it's important to keep track of your gains and losses so that you can accurately report them come tax time. Binance does not provide tax reporting tools, so you'll need to use a third-party service or keep your own records.

While taxes may seem like a complex and daunting task, it's important to remember that you're obligated to pay taxes on your cryptocurrency gains. By keeping track of your trades and reporting your gains properly, you can ensure that you're complying with the law. Ledgible is here to help. If you'd like to connect Binance with the Ledgible crypto tax and accounting platform, keep reading.

Connecting Binance with Ledgible Crypto for Taxes

Looking to connect your Binance account to Ledgible? Well you're in luck, because Ledgible features an API connection with Binance. Use our step-by-step guide listed below to add your account to Ledgible

1. Log into Ledgible

2. Go to the "Exchanges" tab

3. Click "+ Add Exchange Data"

4. Select "Exchange API Connection" and click Next

5. Select Binance from the list

6. Enter your API Key and Secret and click Next

7. Confirm the information and click Finish

Still need help? Read more on our help hub, here.